you may not need plex pass to create/use a home, you could try it and see what works.
as far as managed vs unmanaged;
managed is very much like how netflix etc have profiles, one email account (the admin/owner), with different profiles for different users.
unmanaged, means each user has their own plex account/email/password. this is more like an apple or google family plan (each has their own account, but they are grouped together for billing/app sharing).
generally you should only use managed users for young users who don’t have their own email, because otherwise you must either log in to each of that users devices, or worse share your admin credentials (which means they can have complete control over your plex account).
i don’t think it matters as far as plex pass, but if the plex admin does have PP, then some (but not all) of the plex pass features are shared with your home users.
most importantly, this means you do not have to buy the mobile apps for each of your home users.
there is currently no way to convert a managed user to/from unmanaged user.
so from my experience, it is best really to have each user on a separate plex account (unless perhaps they are still very young).
at some point, your managed users may grow up and want their own account anyway, and then they will lose all the play history/status when switching to a new account profile.
there is an example plex home setup that helps illustrate between managed/unmanaged
