$ file *
config.db: SQLite 3.x database
dropbox.pid: ASCII text, with no line terminators
host.db: ASCII text
host.dbx: ASCII text
photo.dbx: SysEx File -
Still, running both instances from a non-default HOME seems like sound advice.
Setting HOME to a new value means that ~/ will always be resolved to that value. I think that the far more likely result is that this will work as expected.