Rabulias
the Incomparably Shrewd and Clever
I agree with some of your points. I think most of the consolidation of spells into a single spell with multiple applications/options is a strength of 5e (Bigby's hand, I am looking at you).Honestly, other than legacy, I don't see why Create Homonculus is 5th level. Really would rather see it an off-shoot of Find Familiar, maybe just something you can create in downtime.
Create homunculus (which is actually 6th level, not 5th), is not a throwback. Back in AD&D days, a 7th level wizard could make one with the aid of an alchemist. All you needed to cast were mending (1st level), mirror image (2nd level), and wizard eye (4th level) at one go. That would require a 7th level wizard in those days. You could even be lower level if you had the money and scrolls of the spells and you successfully cast them. Unless it was a spell in 4th edition (which I don't know much about), 5e is the first appearance of create homunculus as a spell.
Here are the details from the AD&D 2nd edition Monstrous Manual.
Edited to add screenshot
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