Generally speaking avoid losing home centres, as you won't be able to progress effectively without them.
Sure you might take additional centres elsewhere, but you won't be able to build effectively to back your newly gained ground up, and will probably lose it longer term.
However, if the game is in the mid stage, and you see your home centres getting crushed, and another player getting very strong and is possibly looking to solo win the game. It can be more beneficial to try to rally your remaining troops versus the strong player with help from the players around you and force a stalemate. If done effectively, your 1-3 remaining lost troops can help set up an effective defensive position versus the strongest player, you might still be able to get a share of the pot in a draw without controlling any of your home centres.
Know when to cut your losses and go for a draw. Trying to retake your home centres can lose you a game if you stop the other medium sized players from holding off the most dangerous player. This comes with practice.
Obviously whilst not being ideal, the most commonly lost home centre while the country still being in okay shape is St Petersburg for Russia. It's not uncommon to see England take that centre, but not really forcefully pressure Russia much more than that, and with Russia still having 3 home centres to build from, they can often still play a strong game despite having lost one of their homes.
But each game scenario is unique, and I don't advocate easily giving up St Petersburg. But it is possible.