The first few seconds of the video (and even the percussion in the opening music, which I think is untypical of the lighter accompaniment in the rest of the song) definitely put me in mind of "Cry Pretty". Given the fact that Kelsea acknowledges Carrie's influence on her own development as an artist - and is probably one of the strongest admirer sof her personally, among the next wave of artists prominent in the genre, I think it's possible that that opening passage was intended as a "homage" to the earlier song. (Such "homage" tributes have long been common when there is a longer time interval between the songs - but I've also noticed a tendency, for the female artists especially, to include such "nods" of recognition even in their contemporary work. Usually, these only involve brief references in the song - and they may be connected with the desire to show solidarity. I see nothing at all wrong with such "nods".) I'm not saying that that is the case here - as I have no evidence - but I think it is at least possible.
After that brief opening passage, I think the songs are actually pretty different. Thematically, Carrie's song focused on the tension between an entertainer's public performance and her personal feelings. But after the opening shot of the dressing room door, I don't really feel that Kelsea's song is focusing on the entertainment world at all. As the title implies, it's about a Homecoming Queen, of school or college age, having to dance and put on her prom queen dresses, regardless of feelings. Obviously, there is a general parallel between the themes - but they come from a different perspective and a different context, and (as has already been pointed out) are probably intended to focus on a mainly different age group audience. I think the new song is able to - and deserves too - stand on it's own terms, exploring a the effects of a a different sort of peer group pressures (which I'm sure are very real to quite a few girls in those circumstances).
Musically, they are very different. "Cry Pretty", in my view, is not only a strong standard bearer for the album - but also a strong illustration of Carrie's musical philosophy - which her co-production role probably gave her a full opportunity to express. She uses a very traditional, waltz time, motif in the early choruses- something today's Mainstream has largely abandoned, to evoke a deep genre feel, and combines that with a very progressive musical development in the song's concluding section, to express the chaos of emotion in a very innovative way. By contrast, I think "Homecoming Queen" is delivery-driven, depending strongly on the interplay between the lyric and the feelings of the singer - with the music playing less of a foreground role. It's mainly a lighter, tinkling refrain, very much in sympathy with the singer, and providing the listener with a less obtrusive background. In my view, it's a good example of the more melodic line of Contemporary Country, neither dipping too far into the genre's history, not taking the listener very far in terms of innovative musical progression. Both work well - but in different ways, to suit what I feel are basically different songs.
Kelsea's song is, in my view, an interesting one, in both topic and delivery. She's been involved throughout her career in the writing of virtually all her repertoire. and co-wrote this one with Nicolle Galyon and Jimmy Robbins , two successfull hit makers, who've quite often collaborated together.