My daughter is homeschooling my seven year old grandson, and he's doing topics in math that are usually taught in fifth through eight grade in government schools, reads 500 page books in a week, and has a better grasp of physics, world history and biology than most college freshmen. Sending him to even a gifted program in a government school would be closer to educational neglect than what he's getting.
On the other hand, my wife in her psychology practice has seen examples of homeschooling that could properly be characterized as educational neglect -- parents one of whom has only a high school diploma and the other without even that trying the task with a special needs child, and leaving their offspring further and further behind what the government schools would have managed with a similar child.