I commute 30 mins each way for my masters and even that feels like too much for me! The problem with commuting is it's not just the trip, it's having to get in early/late to avoid traffic, knowing you can't just walk home but have to sit in traffic after a particularly bad day, meeting friends in the city but not being able to drink and having to pay for parking... it all adds up!
Besides that, I think living in halls is really important in your first year. You make friends, find the people you'll live with next year... just generally get the chance to really 'become' a student by actually living on campus or nearby. You learn how to properly cook, do washing, pay rent on time- all super important stuff! I also have only around 2 days of contact and it's so easy to just go in, do my classes and then go home and not socialise and I will say after doing all that I never feel like driving back to the campus if my friends want to hang out or grab a coffee. For me, if I go in on a non-uni day I have to go for at least over an hour, otherwise the journey isn't worth it. Also, what's the parking situation going to be like if you can drive? Where will you park and will you be able to afford fuel/parking?
It's obvious your parents care about you and living alone can be scary, but everyone at uni is in the same boat. When I started uni and my friend had a medical emergency, everyone banded together and knew what to do. When it was late at night we would all walk home together to be safe and ensure everyone got to their flats. Stuff like paying student loans off is so far in the future for me, even now I'm doing a masters, and yet whenever I think about my uni experience I always think about how great I time I had living on-campus in my first year. It really helped me flourish as a person.