Chosen Solution

I have somehow lost only the glass piece on my home button. By replacing the home button will remove touch id, but will touch id work if I only replace the glass part?

In short, no. The button is specially designed to work with the TouchID sensor, and in fact, Apple only sells the entire assembly, not just the button cap. It is certainly possible on a technical level for someone to create a compatible button cap in another color, but I’m unaware of anyone doing it.