In the example you gave, yes, I would reply. That is so the person that
says they are coming knows that I'm actually where they expect to meet
me. Otherwise, I might not be there and they make a wasted trip.
However, if you just texted them that "Got home, come over" then them
sending an "Arriving" text does not require or even hint that a reply is
needed.
For most texts, you can tell if a reply is warranted, just the same as
when you are talking to someone. If you have a doubt, include "Bye" at
the end to announce you are leaving the discussion.
A lot depends on how long it is between texts. If someone texted you to
say "Remember to bring the salsa" for some party that is yet days away,
do you bother them with a reply? They're just sending you a reminder so
you aren't like the rest of the guests that typically all bring just
chips but nothing to dip them in. You could reply with "Okay, will do"
but then should then say "Okay" to your "Okay" and then you back to them
and continue without end?
Do you reply to every e-mail sent to you, too?