Sorry for any confusion but I managed to get it working.
if ("home_report_url" === $tag) {
$homereportlink = get_field("home_report_url", get_the_ID());
if( $homereportlink ): $home_link_url = $homereportlink['url'];
$content = str_replace("{home_report_url}", $home_link_url, $content);
endif;
}
return $content;