Why would you want to trigger a buffer overflow in user application if you can already control HOME envvar?
As to what could be accomplished with an overflow? I don't know; I'm not in security, and I don't sit around thinking of possible uses for various bugs when it comes to compromising systems.
Perhaps the most important thing to realize, though, is that you're distributing software publicly. Your security situation may not be the same as your user's security situation. Assumptions should not be made.
Something to keep in mind.
It does exit on MacOS and Linux, at the very least.
But my man pages say that they exist on BSD in addition to GNU, so that’s pretty good these days. I say go for it.