Are we really trying to pretend that 99% of the usage of the term "it's coming home" isn't referring to England winning a trophy? Debating the original meaning of the song seems pointless when, it was re-released for WC 98 in FRANCE, and has been wheeled out by supporters every 2 years (almost...) since then, none of which until now have been hosted in England.
Whatever the original song meant, everyone knows what context the phrase is used in NOW, and the intent of the "journalist" asking the question.
Where Schmeichel has made himself look stupid, is that despite growing up in England, and being a professional footballer, he is apparently unaware that England won the World Cup in 1966, and so in the context that he was asked and answered the question, then yes, it has been home.