It depends what you want to use the home directory for.
If you want a mapped drive for each user to store their own personal data, then, using Windows 95, a hidden share for each user is unavoidable, and would need to be mapped in a Kix script, to reproduce the functionality that NT has.
If you just want use the home directory to store a user's roaming profile, eg user.dat, and associated folders, there would be no need for hidden shares.