Homelander's heat vision and flight let him attack from range where Wolverine's claws cannot reach.
Wolverine's adamantium claws can cut virtually anything, which means they could likely penetrate Homelander's skin. This makes Wolverine one of the few opponents who can actually hurt Homelander in close combat. The problem is getting close enough to use them.
Homelander's heat vision and flight let him stay at range, strafing Wolverine with laser blasts that can cut through steel. Wolverine's healing factor would regenerate this damage, but Homelander could potentially keep the distance and prevent Logan from ever closing to melee range.
However, if Wolverine closes the distance, the fight changes dramatically. Homelander has never faced an opponent who can genuinely cut him, and his psychological fragility means being wounded could cause him to panic. Wolverine's berserker rage and refusal to die would make him a relentless, terrifying opponent in close quarters.
Homelander's flight and heat vision let him attack from range where Wolverine cannot reach. His raw strength lets him potentially throw Wolverine away whenever he closes distance, and his heat vision can continuously damage even a healing factor.
Wolverine's adamantium claws can cut Homelander's skin, his healing factor makes him essentially immortal, and his berserker rage means he will never stop trying to close distance. Homelander has never fought someone he cannot kill.
Homelander wins narrowly through aerial advantage and heat vision range. But Wolverine's ability to actually wound him and his immortal persistence make this far more dangerous for Homelander than most matchups.
Homelander also fights
Wolverine also fights