Yes, they do but ~/ is even more teasing... and more geeky
I would say that /home/ is incorrect...
I have also seen "There is no place like 127.0.0.1"
I saw a doormat with "There's no place like 127.0.0.1" I don't think I like it... 127.0.0.1 is not 'home' it's 'localhost'... I can get 127.0.0.1 if I connect to the network anywhere... and it does not means that I am home... "There's no place like ~", "There's no place like ~/" or "There's no place like $HOME" would be cooler...
Also... There is no 127.0.0.1 folder...
[andrzejl@wishmacer ~]$ cd 127.0.0.1
bash: cd: 127.0.0.1: No such file or directory
So You cannot go home this way
@ Mark /home/ is where everyone's home could be. /home/mark/ is where Your home is. Treat /home/ as the neighborhood
cd ~ or cd ~/ or cd $HOME will take You home... cd /home/ however - will not
. You should not have write access rights to the /home/ folder
unless You're root... but then root's home is in /root/ folder. Treat root as a landlord - he can get You Your ~ folder or he can have You evicted