While the two confront each other in The Boys, it's revealed that Homelander's teammate, Black Noir, is a clone who has been pretending to be him to commit atrocious acts and convince Homelander he was blacking out and doing awful things.
During the last part of the series "Over the Hill with the Swords of a Thousand Men," everything comes to a head. The venerated Homelander begins cracking once he recognizes the potential darkness in him.
While Butcher and Homelander have both done terrible things, several of Butcher's final moments show that he's the worst of the two. Homelander is the leader of the Seven, a Justice League pastiche and Vought International's premier superhero. Butcher's work with the Boys may have come from wanting revenge on the Homelander, but he liked being able to kill Supes without fear. Billy Butcher delivered a sad, yet chilling message during the bloody rivalry with Homelander.
The bleak world of The Boys is driven by two main characters, Butcher and Homelander. He knows that the man he hated for so long was gaslighted instead of being the devil he thought he was. Billy Butcher became a monster because Homelander was manipulated into it. Homelander claims that if he hadn't believed he was losing control of himself, he wouldn't have done anything wrong. Butcher's conscious decision shows how different he is from the Supe who was thought to be the series' main villain. Butcher was free to indulge in his psychopathic tendencies under the guise of keeping the Supes in check.
The revelation that Homelander didn't assault his wife doesn't make Butcher feel any better. What sets Butcher apart from the Supe is his last words to his opponent. He knows that he will have to take out his friends in order to destroy Supes. Butcher blames Homelander for an assault that killed his wife. Butcher told Homelander that he turned into a psychopath by mistake. The butcher chose a life filled with bloodshed and vengeance. CIA operatives led by Billy Butcher are meant to keep the superhero community in line. An outside force wanted Homelander to be a villain.