If you are homelabbing it for to grow work skills or to add it as a know item on to your resume, it can be a good thing, for a decent sized lab 500mb is plenty.

If you are looking for a ;homelab monitoring tool for securing your system I would look at Wazuh, it does all that splunk does it does more of it out of the box, is a quicker setup and has more built in tools that does a lot more than anything other then a very highly customized splunk setup will do.