I totally thought they were turning on homed with encryption by default, and was _super_ excited. I've been toying with doing that myself and having someone go first would be great.
So, finally I learned just not to use file-based encryption, except for minor stuff like dropbox directory.
EDIT: Looks like LUKS is supported now, which is nice:
https://wiki.archlinux.org/index.php/Systemd-homed#LUKS_home...
You need either full disk encryption, or something like dm-verity for that.