is it correct to call my connection configuration my "Home Network"
yes
home network = network used at home i.e, you
trust the people using it and don't need as much serurity in the wifi or router.
workgroup = these computers are allowed to talk to each other and share some basic stuff i.e, any thing put into THIS {insert} folder will be shared on the workgroup computers but other stuff outside that folder is off limits.
Homegroup = as workgroup but with the extra level of a microsoft id so user 1 purchases a movie or music from some e-shop and user 2 can view that file without paying for it again.
For home use I recommend a workgroup senario with or without a homegroup but once you have more than 10 devices...