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Setting the policy sets the default homepage URL in Google Chrome. You open the homepage using the Home button. On desktop, the RestoreOnStartup policies control the pages that open on startup.
If the homepage is set to the New Tab Page, by the user or HomepageIsNewTabPage, this policy has no effect.
The URL needs a standard scheme, such as http://example.com or https://example.com. When this policy is set, users can't change their homepage URL in Google Chrome.
Leaving both HomepageLocation and HomepageIsNewTabPage unset lets users choose their homepage.
On Microsoft® Windows®, this policy is only available on instances that are joined to a Microsoft® Active Directory® domain, joined to Microsoft® Azure® Active Directory® or enrolled in Chrome Browser Cloud Management.
On macOS, this policy is only available on instances that are managed via MDM, joined to a domain via MCX or enrolled in Chrome Browser Cloud Management.