Will I still be able to use it if I purchased the home studio edition? Or will they shut it down entirely and nit be able to use it at all? If so, how long do I have to search for a new DAW

Hi. At this point, I don't think anyone knows.
I hope and think it will work for a long time.
All the best.

I hope Gibson will have the decency to not alienate every single Cakewalk customer even more by killing their access to everything anytime soon.  As poorly as they are managed I don't know what to expect

TitanDolphin
Will I still be able to use it if I purchased the home studio edition? Or will they shut it down entirely and nit be able to use it at all? If so, how long do I have to search for a new DAW

Over at Music Radar they are previewing their latest issue and guess what is included - a FREE version of SONAR Home Studio!! Plus Rapture Session.
 
"Sonar Home Studio – yes, the full-fledged version of Cakewalk’s $49 DAW along with all its included content – is free for CM250 readers for the next month. See how this software workstation can improve your workflow and get you writing better music now… it’s only available until 1st February 2018!"
 
"Rapture Session is a PC/Mac plugin synth that’s also available until 1st February 2018, only with CM250. Get everything from smooth, pondering tones to abrasive lead sounds with Cakewalk’s excellent, no-nonsense plugin instrument. It’s normally worth $30 but it’s free only with this issue!"
 
http://www.musicradar.com/news/computer-music-250-get-loads-inside-our-special-anniversary-edition