in this case, you open each box where all hits to homepage are "invisible" (they are still IN the box but are not visible for your view/filter). if the box is not empty you take the whole box (as matching your view). two things to pay attention:
a) you basically only throw away those boxes where the homepage was the only hit. all other visits had "visible" hits.
b) you take the whole visit including homepage! since your outer container is "visit", you take all hits if the "box" matches. and the homepage turns visible for reporting
case 2: exclude a visit container with homepage
pretty similar than case 1 but one big difference: if a visit had the match "homepage" the whole visit gets "invisible". that means only those visits will match, where the user has never seen the homepage
what is the difference? in case one you have more visits, exactly those visits that have seen the homepage and at least one more page.
for this description I assume that you "exclude the inner container" not "exclude pages where homepage" (gear icon of container)