I liked the last episode purely for the Firecracker plot. The Boys is just doing doughnuts around the same beats over and over: characters joined by a common goal, quibbling over ends and means, and how far is too far; when one finally steps over the line it doesn't matter because some external force moves the goalposts and keeps everything in check. See The Walking Dead, and I jumped that ship early in S6.
But the Firecracker plot bookends ep 5 in a way that I don't think the show has ever really interrogated to its natural conclusion: that unconditional love and devotion simply isn't enough. On a better show Homelander would've forded that river one or two seasons ago, but it is nice that we get it just the same, and I think adequately sets up the character's ultimate unraveling. Here's a dude who's gotten absolutely everything he's ever asked for and more, from climbing the corpo ladder to being annointed a god by a whole nation, and now even when people renounce their beliefs and offer their souls it's not enough. And I liked that, as much as it obviously pained her, Firecracker didn't even get a chance to redeem herself. Just continued to double down on terrible choices.
Deep has had a similar roadmap as Firecracker (he continues to sacrifice parts of himself to Homelander, to no real lasting effect), it's just that by being around since S1 he got to that point of no return early, and the character hasn't had much to do since he completely sold out. I don't find his rivalry with Noir 2 interesting at all.
Nor is Sage's 4D chess plan very convincing. Her goal is to be left alone... whish she was, in the first place?
On the other hand, it is now two episodes in a row where Homelander gets unceremoniously taken down. First it was as simple as walking him into a cell lined with uranium (which he somehow didn't detect), now he gets KO'd by some freshly introduced D-lister's super halitosis.