Butcher was saving his own life. Chances would be good that Translucent would get something on Butcher from Hughie, even if Hughie didn't say anything. Homelander would know who was gunning for him much sooner, and Hughie might not survive the interrogation. Butcher would have known this when he decided to ram the store. The whole game was about not letting Homelander get wind of it, Hughie was, at that time, a loose end. I'm sure Butcher liked the kid when he saw him rip up the forty grand, but if he wasn't a loose end, I don't think Butcher would have gone back for him.I think Butcher probably saved Hughie's life when Translucent attacked him. I don't really think that makes Butcher a "hero", though.
During the actual fight, Hughie saved Butcher, and not by luck. He knew about the carbon meta-material, he knew about conductivity, he saw loose wires, he went to the back of the store to switch back on the power, and then used those wires to fry Translucent. Quick thinking, bold action, he saved Butcher's life and his own.
Why is Hughie so good at this?!?! The kid's a natural!