Home not home, from one point of view (2,1,3)
I believe the answer is:
in a way
'from one point of view' is the definition.
(both can mean considered in a certain way)
'home not home' is the wordplay.
'home' becomes 'in' ('he's home' can mean 'he's in').
'not home' becomes 'away' ('away' is the opposite to 'home').
'in'+'away'='IN A WAY'
(Other definitions for in a way that I've seen before include "somehow" , "Sort of, in some respects" , "From some points of view" , "Sort of, to a limited extent" , "as one might see it" .)