I agree with most of what you say, but I’m looking at it from a different angle.
Z-Wave often performs very well (sub-GHz, good range, usually very stable), but the hardware is frequently expensive, and “ghost nodes” can be a real nuisance if devices are removed incorrectly. In my own setup I ran a Z-Wave-only system for about two years and still had occasional issues (e.g. some window contacts dropping or TRVs behaving unreliably). Less often than with other systems, but not perfect either (USB3, SSD interferences, old LTE at proximity,…)
On the 2.4 GHz side: Thread (like Zigbee) is in the 2.4 GHz band, so coexistence with Wi-Fi matters. In professional deployments I’ve seen Thread networks run extremely stable when Wi-Fi is configured conservatively (dedicated 2.4 Ghz IoT net, fixed channel plan, 20 MHz bandwidth, careful AP placement, fewer “auto” features).
Right now I’m using an ASUS XT12 as the main AP plus three XT8 nodes with Ethernet backhaul — good consumer gear, but still consumer-grade. That’s why I’m considering moving to a more professional Wi-Fi setup that gives real control over channel planning and radio behavior (e.g., TP-Link Omada with controller + managed switches), without going all the way into expensive enterprise systems like Meraki (that perform exceptionally good).
But Homey is still a major part of the problem in my case, and I think this is a design issue:
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The 2026 model still doesn’t use fully separate Zigbee and Thread radios (separate chips + separate antennas). Sharing radio hardware for two networks is a compromise by definition and makes stable coexistence harder than it needs to be.
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For a “new generation” hub, a built-in Ethernet port (ideally PoE+) would have been the sensible choice. It improves placement, stability, and removes another external dependency.
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And yes, multiprotocol / shared-radio setups are widely known to cause trouble in practice. Even the Home Assistant world increasingly advises against running Zigbee + Thread on the same radio if you care about stability — dedicated radios are the recommended approach.
Finally, about channel changes: Thread can handle channel changes by design, but on Homey you don’t get proper, deterministic channel control. It’s more like trial-and-error “reshuffling” — and the worst part is that this process effectively blow away your network state, so devices need to be rejoined. That’s not just annoying, it’s a real operational downside. You can’t have separate channels for Zigbee and Thread, they share the same hardware, the same channel and the same radio standard (802.15.4).