The other day I was faced with this position as white. Bullet (2m+1s). Unusually for my 1. Nf3 idea I sling up my h pawn (to h5) quite early but nevertheless, in a bullet game, the temptation to crash into h6 with the bishop proved too great. I went on to win, but going thru the game afterwards my computer analysis showed a score of -1.81 after Bxh6. Not so good. With my knight on a slighty odd g3 square, my idea of deflecting the knight on f6 with Nh5 (Nxh5 Qh7#) + having the threat of Qg7# felt a worthy one.
Computer analysis suggests Bxh6 gxh6, Qxh6 Qa5+. My opponent played Qd6 and I win soon after. BUT!... unusually for my analysis program... it kinda freaks out... jumping from -1.5 to + 1.75 after thinking for 20/30 seconds with the queen sat on a5+. Against any defense it seems, including bringing back the black queen to f8... white ends up at +5.81.
So... was Bxh6 the correct move after all?
The main thing to assess here is after Qa5+, does Black have anything to force through/have perpetuals after the king is moved. I think Black doesn't. All of black's minor pieces are stagnant. Black cannot move either of their knights, one at f6 is protecting mate at h7, while the other is protecting the knight at d7.
Now, coming to how effective is the initial Bxh6 is for you after Bxh6 gxh6, Qxh6 Qa5+, are you actually able to get anything at all. As you say, your knight is at an odd square, but after moving your king, and a pedestrian move by black, Nh5 to threaten capture of black knight at f6 no longer works due to Qxh5, where you can't capture the queen as your check-mate threat is averted by black. Maybe play something like c5 and then threaten Nh5 in the next move? Still, if the pedestrian move for black is something like Re8, then you're no longer threatening check-mate as the black king gets an escape route?
So, for me it seems to be a bit of a risk, I might play it in blitz though, as your white squared bishop is placed nicely, but I'm not still sure if white has enough compensation here.
It looks positive still, but the game might go on for quite a bit of moves from there I guess as there's nothing major immediate for white.