Hardware Region are big jumps between frequenty ranges (868mhz for europe, 916mhz for USA as example), these require an entirely different chip.
Software region are small jumps (868-869 for EU options).
Do not change the regions if you don’t know what you are doing, the right one should have been selected by Homey itself during setup, if it isn’t the correct country, you should contact Athom if it is OK to switch.
If you don’t know if the device is the correct frequentie for your country (like from your country anyway), then you are either on a wrong website, or you have the possibility to contact that seller to make sure you’ll get the right one for your country (they will useally offer most frequenties), don’t bother with frequenties, there are too many, just make sure the country is right.