Well, that is essentially the shortcut. For 3D Touch devices there's also a force press and/or slide from left to right gesture that will do it as I recall. And there's likely an Assistive Touch option that can be used for it too.
To me, the most easiest of the alternatives is to enable assistive touch, customise it and remove all the options except for the home button. This way it behaves the way as the physical home button and you dont have to do more than one tap on assistive touch to perform the same actions.