PowerShell tilde expansion was dropped in 7.4.0. Automatic variable $home remains available across operating systems.

ls $home

PowerShell tilde expansion was fraught with difficulties that led PowerShell maintainers to at least temporarily drop tilde expansion in PowerShell 7.4.0.

Note that automatic variables are just inside PowerShell itself–they are not environment variables. Thus, automatic PowerShell variables are generally not visible to other programs or scripts unless additional steps are taken to expose them, perhaps as a command line argument or environment variable.