Hmm, there's appreciating the character and the acting, then there's going along with what the character does.
Those are different things. You don't have to agree with what the character does to like their part in the story. A big part of what makes the show good *is* Homelander, specifically how Homelander is portrayed and acted. That's more a compliment to the actor and the story than the character.
Last thing a story like that needs is to change the character in a misguided attempt to make them less likeable. Which is what is happening to Sydney Sweeney in Euphoria, case in point.
There is no criticism of the acting. The guy portraying Homelander has done a great job considering he was an absolute nobody before this show. I'm sure he has gotten a nice fat raise during the run and he deserves it. Obviously Karl Urban and Jack Quaid are top billing, but the show wouldn't go without Homelander's performance. It has just gone on for too long.