Season 3 of The Boys shows William "Billy" Butcher finally using Compound V and embracing his powers, meaning he may be strong enough to finally take on Homelander. In The Boys comics, Billy and the crew are already using Compound V before issue 1, with Hughie being the last to gain powers in issue 4. While Billy Butcher has been powerless - at least in the super sense - throughout The Boys' first 2 seasons, he has still managed to wiggle his way out of every encounter against the spoiled Superman-inspired villain. Now that Karl Urban's Billy Butcher has powers too, he could pose a viable threat to Vought's asset.
In The Boys series, the titular group have been without powers in the first two seasons, with Kimiko (Kara Fukuhara) being the exception, demonstrating the usual abilities of durability and strength. The addition of the superpowers to other group members could only push the already highly skilled team beyond those that they face. The first big fight The Boys encounter in the comics is against the group known as Teenage Kix, who assume their superiority due to their powers and superhero status, unaware that The Boys too possess power via Compound V. The Boys soon decimate the group, with Hughie, who was unsure and untrained, accidentally killing Kix member Blarney Cock with a punch straight through the man's chest. This demonstrates the efficiency of Compound V in a regular human, never mind the efficiency of it in the body of a man such as Billy Butcher, an ex-special forces operator with a vicious streak.
Thanks to being exposed to Compound V from an extremely young age, Homelander is considered one of, if not the, strongest Supes on the planet. Not only can Homelander fly, but he has laser vision, super strength and super speed, making him The Boys' most formidable opponent. However, Homelander has his weaknesses, he is easily controlled and overly emotional, which often results in him being easy to manipulate. While Billy Butcher isn't a people person himself, he is resourceful and manipulative as well as incredibly strong, even without Compound V. In The Boys comics Butcher is at least on par with the strength of Mothers Milk, the team's muscle, but his brutality is what makes him so dangerous. While Supe'd up, Butcher may be stronger than most regular Supes, he is still not as strong as Homelander on an even playing field. Not only is Homelander faster and stronger than Billy Butcher but he's also more durable, surviving some of the comics' most brutal injuries. Whilst Billy Butcher can hold his own even without his powers, he is still no match for Homelander in a straight fight.
The Boys' comic version of Billy Butcher can't beat Homelander in a fair fight, but that's not to say that Amazon's interpretation of the character is the same. Having already deviated from the comics with the introduction of Butcher's yellow-tinted lazer eyes in The Boys season 3 trailer, it's also possible that Billy could get even more additional powers, like super speed or flight. Everyone that takes Compound V gets increased strength and durability, though it does vary from person to person, how strong Amazon makes their version of Supe Butcher could surpass that of the comics, and even that of Homelander.
While Billy's chances of beating Homelander in a fair fight are slim even with the former receiving superpowers, the chances that Butcher will fight Homelander in such a way are unlikely as Butcher is strategic if nothing else. Not only does Billy have his military training, his brutality and his team behind him, but he is also able to manipulate those around him to ease the odds in his favor. How far the Amazon production goes with Butcher's upcoming powers, and whether it will be introducing the abilities of the other Boys is still unknown, and while Billy Butcher could beat Homelander under the right circumstances, Homelander remains Vought's most powerful Supe in The Boys, even with Butcher's newfound powers in season 3.