It should be noted that both can fly at the same speed as their combat speed.
Taking this into account, I'm not sure what stops homelander from chasing him since he actually has the mobility to do so (he's slightly faster actually)
The 1.4x difference would do it, if it wasn't for the fact that homelander upscales from his value.
I'm kind of doubting if bakugos advantage would be that big here
Homelander isn't blitzing speed fast, Bakugo is more than skilled enough to react to him coming at him and react with exploding away well maintaining that distance by spamming explosion that can reach hundreds of meters.
I mean its still a 1.4x difference, Homelander upscaling doesn't change that since we don't know how high that could be. I could also easily argue that Bakugo can harm and burn those with lightning heat resistance since both him and Deku could withstand tanking a mid-air Lightning Bolt from Nine completely unburned (30,000°C) and yes, Nine's lightning is completely natural since it comes from manipulating Weather/Storm Clouds, also Bakugo constantly hurts those with heat resistance to his explosions like again All Might and Todoroki.
Wasn't all might holding back in that instance?
he wasn't, the most that happen was they put restraints on his arms and legs that stopped him from going all out. his physical condition wasn't changed, Bakugo was still harming a 6-B character through the heat of his explosions, All Might also has resistance to heat and was bothered by them.
So if we both agree that homelander has better flight then that means he's gonna close the distance eventually...
When that happens, what stops homelander from abusing his lifting strength advantage to strangle him? (Unless ofc arkan makes it the lower end value)
That depends on if he gets it off before homelander grabs him but yes, that + the fact his explosions grow stronger with more sweat (I forgot about this) is definitely a valid wincon for bakugo
Im just not sure if he'd get the time before hommie grabs him
Homelander's better flight isn't a game changer since Bakugo is incredibly acrobatic with his mobility + explosions. he'll be spinning, doing flips, etc with his explosions well completely skill checking Homelander with durability ignoring explosions.
the fact Bakugo is more than skilled enough to prevent Homelander from getting into CQC, Bakugo doesn't fight CQC like ever. he opts to spamming from afar and only gets close for big finisher moves like Howitzer, Stun Grenade, or Explode-A-Pult.
Howitzer takes almost no time to get off especially against someone as overconfident as Homelander, hell Bakugo turns into the moving projectile once he starts Howitzer Impact and it doesn't require his grenade braces to do it since he just let em rip whenever like he did against Todoroki.
Howitzer Impact doesn't take long to build up either, maybe a couple minutes at worse, especially for the Large Town level version which was done without his support gear, his support gear stores his sweat for later usage so it'd take barely any time to build up esp if he had to avoid Homelander.