I think it really depends on the age of your other children.
My son was 4.5 when my DD was born. He happily came in and out of the room when he felt like it, and when he was bored, he went back to his movie. Only DH and I were present, along with the midwife. (DD was born during the day).
I'm due in 5 weeks, and DD is 8 and DS is 13 - they'll be hanging around the house. If I must be transferred, Grandma lives a 30 second walk away so they can go off down there. But otherwise they're keen to stick around. But again, they can come and go as they please (as long as they don't squabble, or try to talk to me!).
I think I would find younger children very distracting at a home birth, if they didn't have someone who was solely dedicated to watching them and removing them from the room if they were starting to bug me. Labour is not a good time for a younger child to ask incessant questions or to decide they really must have mum play Lego with them.
But if your children are a bit older and self-sufficient to a large extent, then they will be fine.