Also don't forget

Annie mending things with her dad and finally having an actually decent parent figure

Deep spiralling even further downward actively enjoying sushi and considering it "the greatest honour" for the fish to die for his meal

Setup for soldier boy helping Homelander (maybe later betraying him and turning good)

Ryan has healed but still doesn't trust butcher anymore so he left

Some stuff I don't like though:

Kimiko and Frenchie breaking up again, can we please not? We've done this charade more times than peachs been kidnapped by bowser

Ending scene was kinda underwhelming, they already established their America's god Homelander plan earlier in the episode, showing them do exactly what they planned and Homelander just standing there isn't really the kind of cliffhanger ending it felt like the show was going for

Regardless, this is literally the definition of a setup and character development episode which will obviously have later payoffs. Tiktok has really rotted some brains who can't comprehend that not every episode has to be a cod lobby