It puts more strain on the tendon which is what ends up getting injured first. If you have both types of phones go do each one 1000 times in 20 minutes each on separate days. See how your hand feels after each one.
I can second the strain, quickly noticed after getting the new buttonless phone.
The most ergonomic way to press on the home button for me was by sliding the old SE closer to fingertips, so that the thumb can rest on the button while being extended and relaxed. From that position a swipe-up gesture isn’t possible.
I would also rotate my old SE upside-down for unlock occasionally while pulling it out, since it doesn’t affect the fingerprint reader and I don’t need to stare at my phone for it to work. It would be a little more precarious with a bigger phone, though.
You're doing the same motion for both cases, except with one you're pressing down tightening your hand, and the other you put your thumb back to where it was before with minimal pressure. I don't believe what you're claiming.