It Depends on What You're Making
The honest answer is: it depends on your genre, your budget, your skills, and what you're trying to achieve. A bedroom pop album can be entirely home-recorded and compete commercially. A 12-piece orchestral jazz record probably can't. Know what your project actually requires before defaulting to either option.
The Case For Professional Studios
Pro studios offer: acoustically treated rooms that are extremely difficult and expensive to replicate at home; high-end outboard gear and microphone collections; experienced engineers who know how to capture sound quickly and effectively; and a focused work environment free from home distractions. If your music relies heavily on acoustic instruments, live ensemble performance, or you're cutting drums, a professional room is often worth the cost.
The Case For Home Recording
Home studios offer: unlimited time to experiment without a clock running; the ability to record and re-record until you're satisfied; zero session cost once the setup is in place; and creative freedom without an engineer's presence. Modern DAWs and plugins mean the technical quality ceiling for home recording is remarkably high. Many chart-topping releases are primarily home-recorded.
The Hybrid Approach
The smartest approach for many independent artists is hybrid: record drums and any tracking that truly benefits from a professional room in a studio (typically 1–2 days), then complete overdubs, vocals, and production at home. This gives you professional foundational recordings without paying studio rates for work you can do yourself.