setting a specific home page for logged in users

About your considerations:-

• Yes true! It will update the page on every visit.
• The database will be updated more frequently based on which user making a request. But there will be no incorrect output.
• The better way I suggest using a template_include filter. Assign a static front page then apply the template to that page by checking if user logged in or not. Thus you can display different layout/design to logged-in users and visitor.

See this example:-

add_filter( 'template_include', 'home_page_template', 99 );
/**
 * Home page Template based on user
 * @param type $template
 * @return type
 */
function home_page_template( $template ) {
    if (!is_front_page()) {
        return $template; //Return if not home page
    }

    $new_template = false;

    if (is_user_logged_in()) {
        $new_template = locate_template( array( 'logged-in-users.php' ) );
    } else {
        $new_template = locate_template( array( 'not-logged-in-users.php' ) );
    }

    if ( !empty($new_template) ) {
        return $new_template ; //Only return if template exist
    }

    return $template; //Always return value from filter
}

For the rest of the things you can create two menus for logged-in and guest users and call them conditionally in header file. To revoke the access to some pages/posts for guest users use init hook with is_user_logged_in() and do temporary redirect to some page. You can search this site for examples of this method.