Well, Homecoming was both a reference to his High School dance that featured in the movie, and also that he was in the official MCU at last. So multiple meanings are certainly possible.
I think it is an allegory, but not necessarily about the themes you describe. He is literally far from home in the sense that he is in Europe with chaperones, instead of with his family. But he is also the “friendly neighborhood Spiderman,” now doing his thing in a place that is not his neighborhood, and without the backup that he had in previous movies. He’s growing up, getting up the courage to tell MJ how he feels, waking up to the existence of a relationship between Aunt May and Happy that he was previously oblivious to (in that self-centered teenage way), and acting on a plan instead of just doing what feels right in the moment. (Also, I there there is a reference to Mysterio claiming to be literally far from his home, although it turns out he’s just an Earthling with illusion tech.)
And I agree with Guano Lad about Homecoming’s double meaning, too.
I really enjoyed the movie, it was fun and very funny at times. I do have so many questions about how the blip would affect the world but I’m not bothered by how they handled things. The “In Memoriam” and announcements thing was perfectly done, both as exposition to start off the movie and in terms of it being a good high school production. I thought Tom Holland and Zendaya were adorable and have perfect high school starting to date chemistry. I also liked the friend and the announcements girl together, they were great. Jake Gyllenhaal was great, both as a new superhero and as an embittered former Stark employee/new supervillain.
I do have a question on something I think I missed: was Brad Davis a classmate who was the same age as Peter Parker and MJ and everyone, and now is 5 years older than them and is still hanging out with the science club? Or was he younger than them, but because of the blip is now same age or older and PP and MJ just missed his growth spurt? Tom Holland and Zendaya look young for their ages and are playing kids younger than they are, but Remy Hii who plays Brad Davis is literally 10 years older than them and looks it and it was confusing for me so I was wondering if there was something I missed.
He was younger than them - the MCU wiki puts Brad’s birth in 2007, whereas Peter, MJ, Ned, Flash and Betty were born in 2001. (Which means I’d been making a wrong assumption about the timeline of the movies…apparently Infinity War took place in 2018, and Endgame and Far From Home in 2023… I’d thought the latter two were set in 2019, and the earlier ones all jammed between 2011 and 2014…)
Ok, that makes sense, although then the announcements video thing was weird that it was like “whoa, isn’t it crazy how Brad grew up?” since it was sounding like all the class would know who he was and how it’s crazy how much he’s changed, when none of them should have known who this kid was who was 6 years younger than them. It should have just been the equivalent of there being a new hunk who transferred from another school. But if you start pulling on any of the threads around how things work after the blip I’m pretty sure a lot of stuff would unravel so I’ll just leave that alone.
If he lived in the same neighborhood as them, they would have known him as the little kid down the street or something.
And it’s vital to remember that for those who blipped, no time passed while they were gone. They literally showed the marching band reappearing while still marching on the basketball court. So for them, half of the world magically aged 5 years in an instant. So yeah, teenagers would be totally freaked out that the scrawny kid who they saw at the bus stop is all of a sudden a hunky classmate.
I was very happy that Black Widow was included in the in memorian video at the school, that tells me that the story of what really happened is known to everyone.
I don’t think Nat’s presence shows that any more than Tony or Steve’s.
She wasn’t as publicly known as they were before the Avengers, but after the Battle of New York, she’d have been known as an Avenger, and was probably known to be the one keeping the superheroes going in the period between the Snap and the Blip.
Her death is unlikely to have gone unnoticed, and when Bruce, or Fury, or Sam, or whoever it was that did the press conference afterward, no matter how much is classified, would certainly have mentioned her name along with Tony and Steve’s.
(The hundreds of Wakandan and Asgardian warriors and Kamar-Taj monks who likely died in the final battle…probably not so much.)
I had the impression that it was some sort of science magnet school, so it would be kids from all sorts of neighborhoods, so it’s not like everyone would know him. It’s not a big deal, just something that confused me, since most of the kids look somewhat close to their age and Brad Davis is played by someone literally twice his age and looks it.
It’s possible that the announcements kids knew him and the rest of the school never knew him before this year and don’t think of him as the formerly scrawny kid with the big growth spurt and are just surprised by the pictures in the announcements. I could easily imagine high school kids making a big deal out of things in announcements that the rest of the school is confused by or doesn’t care about.
I appreciated that too. I’m guessing Maria Hill or someone put out a press release about what happened, since otherwise all people would know is that she disappeared.
Okay, my question: how come Peter Parker refers to AT-ATs in The Empire Strikes Back as “those walking thingies” (paraphrasing) when he has a rather LARGE TIE Bomber or TIE Advanced (Vader’s TIE in SWE4) sitting on his shelf in his bedroom at home?
Maybe to make sure the other person knew what he was talking about.
Or brain fart - he was a bit busy at the moment, after all, and under a wee bit of stress. Just couldn’t bring the name to his tongue at that moment. 
The timeline in the MCU is all messed up after Avengers. Avengers took place in 2012 but Spider-Man Homecoming says it takes place eight years later which would put it in 2020.
ETA: I think making Peter a Star Wars fan is a retcon. The joke in Civil War is to him Empire is an old movie he hardly knows (which is often the case for kids his age).
Happy refers to a surfboard in his coded call to “Nick” - reference to the Silver Surfer?
Peter’s suitcase is monogrammed - apparently it belonged to Uncle Ben.
Betty and Ned are a riot!
They can easily bring Mysterio back - that bald guy got away with Beck’s hologram software. He can be the new Mysterio - and they can still get Jake Gyllenhaal in to play him for the illusionary bits.
That was a fun movie! At various points I thought something was up, but Jake Gyllenhall really lulled me. The Spiderman-stuck-in-the-illusion scene in the middle was something a bit different, in a good way.
I was blown away by this movie. Even though I know that Mysterio in the comics is a villain, Jake Gyllenhaal actually had me believing he would be different in the MCU. The scene where Mysterio assaults Spider-Man with the illusions in Berlin (or is that “Berlin”?) was like the boat tunnel scene from Willy Wonka on steroids. And that mid-credits scene…holy cow, x2.
I have high expectations for MCU movies in general, but this one managed to exceed them.
I eagerly await the Night Monkey movie.
It is also possible that, prior to Germany, he only had seen it once but, on recommendation from some of the other heroes, he decided to re-watch the franchise, and subsequently got hooked.
I was slightly disappointed to see Tom Holland’s credit was listed as only Peter Parker/Spider-Man, with no mention of the Night Monkey 
Weren’t he and Ned building a Lego Death Star in Homecoming?