Home Sharing is for sharing any media files managed by iTunes to nearby Macs, PCs, Apple TV, iPads, and iPhones. When I say nearby, on the same network. For instance, If iTunes running on your Mac is at home, you won't be able to play any contents from the office, school, or cafe.
iTunes Match is a $25/year subscription that lets you share music (
only music) over the cloud. So whether you are home or traveling, you will be able to access any music you own. Once you activate iTunes Match from iTunes on a Mac or PC, iTunes will analyze all your music file, upload them, and/or match them on iTunes Store. Any music not matched on iTunes Store will be uploaded (up to 100,000 songs and they do
not use your iCloud storage) and any that are matched are eligible to use the iTunes Store version (also counted toward 100,000 quota).
Two things that are great about iTunes Match.
- iTunes Match activates iCloud Music Library. You will even be able to use HomePod (via Siri).
- iTunes Store uses 256 Kbps AAC and many songs are specially mastered for iTunes. Music from iTunes Store are likely higher quality than your ripped from CD library. So download all the iTunes Match song before the expiration and enjoy higher quality version from iTunes Store even after the expiration.
I am hoping iTunes Match will be added to paid iCloud storage plan (and use iCloud storage for music not purchased from iTunes Store).