No, SPHOME only edit the reference point of the sprite. You need to call SPCOL again to generate the new boundaries of the sprite.
Run this program and see it by yourself:
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SPSET 0,0
SPCOL 0
SPHOME 0,8,8
SPCOL 0 OUT X,Y,W,H
? FORMAT$("X:%D Y:%D W:%D H:%D",X,Y,W,H)
SPHOME 0,8,8
SPCOL 0
SPCOL 0 OUT X,Y,W,H
? FORMAT$("X:%D Y:%D W:%D H:%D",X,Y,W,H)