No and Yes
As others have mentioned, your home is part of your Net Worth...and is not a part of your investable assets that you would split into stocks/bonds/cash.
However, your home equity could be part of your thinking when you decide your asset allocation. If you have a sizable home equity, you may be able to select your asset allocation to include more risk (more stocks) because you can use your home equity via a HELC, even sell your home and downsize, or rent a place to live (including assisted living) if your financial situation really crumbles.
If your home equity is more modest, then there may not be as many alternatives readily available to you, so it might not impact your asset allocation decision.