Is it correct that most homes can be protected through mortgages and state homestead laws which together reduce their equity to the point where the home is valueless to creditors?

As a general proposition, that's how we protect most of our clients' homes. Titling the property between spouses as tenants-by-the-entirety can also help as can creating an LLC to hold title – if a recorded lien, judgment or attachment would otherwise cloud title to the home.