I'm pretty sure your machine is the same as mine, although I have an updated controller. Homing the machine sets the limits for the machine zero. The only way the controller knows where the position of all the axis are is through the encoders on the servos, not the position of the table or quill. Therefor a homing operation takes the travel of each axis to a soft stop limit for a reference, and then calls it zero.
On my machine, it must be homed on initial fire up, you can't get past not doing it. Then it will let you go about your business. If I just shut down the servo drives with the E-stop button and leave the computer run, I can go back anytime and finish a job just by re-activating the servos, with no worry of losing machine zeros or part program zeros.
Now if you lose power for some reason or shut down the machine, you must home and re-set the part program zero. The part program zeros are set from the machine position zero.
The homing operation is based on tripping a soft stop switch for a reference, and sometimes will vary in position by a few thousandths when the switch trips. If the home position varies from the last time it was done, it will effect the part program zero.
If you ever have to dis-connect an axis, remove or replace a belt, you will have to home the machine.