To me there is a big spectrum of what is a real studio and a home studio. I have seem real studios that are top notch, and those that are simple and basic. I have seen home studio with the same features.

If your home studio is a rascal 8 track, or a cheap laptop and some co outer speaker run everything in through a $59 berhringer mixer. (What I used to have) you might get less than a pro studio results.

If your running a top flight PC or Mac, SSD hard drives, 32 gig of ram, in a dedicated space that does have sounds for the road outside the Ice maker, the HVAC coming on, the dog barking, etc. Basic sound treatments on walls top quality studio monitors. A pristine audio interface with a nice assortment of mikes and gear. You can get a very professional result.

As everyone mentioned above skills are important. If you invest in good equipment you can close that gap. Another thing is finding the effects that work for you. Finding the software that makes the process flow.
My 2 cents worth.

HP Win 11 12 gig ram, Mac mini Sonoma with 16 gig of ram, BiaB 2025, Realband, Reaper 7, Harrison Mixbus 9 32c , Melodyne 5 editor, Presonus Audiobox 1818VSL, Presonus control app.