Offline
So, let's evaluate the next scene with Homelander and Stan in it. This is where Stan comes to the meeting room and sends them after the Super Terrorist... I mean, Super Villian. I think to get the full picture you have to look at both interactions.
Look at what Homelander did there. He clearly wasn't scared of Stan. Instead, he put Stan in his place by getting the team to follow him and telling them Stan wasn't part of their team/family. The team promptly blew Stan off, even after Stan warned them to consider what they were doing, and followed Homelander. He showed he was the alpha dog by showing Stan that The 7 were his, not Vaughts. That is yet another example of the complexity of Homelander. He doesn't want to show you he's stronger physically, he wants to show you he's in control. Killing or hurting Stan wouldn't accomplish that. Stan thinks he controls Homelander because he controls Vaught. Homelander showed him he doesn't control anything.
I'll actually be disappointed if they turn this physical. They aren't physical rivals, they are rivals for control. Homelander chooses his battlefield. If you're Butcher he's going to show you your wife then take her away again and prove you can't do anything about it. If you're a super he's going to box your ears and show you're really nothing but a cripple. If you're the CEO of a corporation that thinks you control him because of the knowledge you have he's going to show you that you really have no control over anything. Even with Starlight, he wanted to show her he was in control of her and if she didn't do what she was told he'd kill her and Hughie. He wanted to make her kill him to show he was in control.
He's got layers, like an onion.
Each one crazier than the last.
