It’s possible to have a social life whilst living at home, but it would require that you make significantly more effort with people and is most likely to happen if you’re naturally very extroverted, in any case it’s much more difficult to have the same university experience as far as partying and going out is concerned if you’re living at home and not in halls, and likewise it’s much easier to be left feeling isolated when you’re commuting to and from university and home. There’s also the fact that going out with people can be a lot more difficult due to having to catch the last train or bus at x time.
Overall I wouldn’t recommend living at home and commuting but ultimately it’s about what you want out of university - be it a degree and more money or the classic university experience. It’s also worth checking how much your travel costs would be if you do decide to commute as it might surprise you how much train/bus fares add up to over a month if you’re going to and from uni most days of the week.