Home studio is not in the same level as Sonar 8.5. The equivalent to Sonar 8.5 would be Sonar Platinum.
Home studio is a stripped down version of .. Basically Sonar producer/Platinum.
However for the money, its a great deal. your just going to have to work around some limitations.
I would read up on some of these features though, you can probably do most of them, there's just a different process than what your used to. you tried "Select Insert > Bank/Patch Change to open the Bank Patch Change dialog box"
There is a big jump from Sonar 8.5 to the newer versions of Sonar, even HS.