I don't believe this is correct. Homomorphic encryption enables computation on encrypted data without needing to decrypt it.

You can't use the result of that computation without first decrypting it though. And you can't decrypt it without the key. So what you describe regarding memory addresses is merely garden variety obfuscation.

Unmasking an obfuscated set of allowable address ranges for hashing given an arbitrary binary is certainly a difficult problem. However as you point out it is easily sidestepped.

You are also mistaken about anti-cheat measures. The ones that pose the most difficulty primarily rely on kernel mode drivers. Even then, without hardware attestation it's "just" an obfuscation effort that raises the bar to make breaking it more time consuming.

What you're actually witnessing there is that if a sufficient amount of effort is invested in obfuscation and those efforts carried out continuously in order to regularly change the obfuscation then you can outstrip the ability of the other party to keep up with you.