I'm not saying that is a good situation or the picture is rosy. The real question here is one of semantics - do you include home equity in "life savings"? I would say yes. And using a HELOC for a crypto or lottery tickets are both bad things IMO.
I totally agree, just wanted to clarify that "homeowner" is a generous term in the US intended to make people feel like they own an entire home on the day they close the sale, instead of the reality that they usually own a mortgage balance along with a small chunk of that home.