I've read that you can create your own compost/fertilizer at home by alternating layers of soil with food waste and leaving it for around 6 months.
Has anyone tried this out?
What are the effects?
Thanks for your time.

As mentioned, those items are fine. I find that I don't usually have enough of them at any one time to cause me to be too concerned which category they fall into to. The bulk of my piles are made up of other materials that are available in bulk.How about food waste, for example potato skins, vegetable trimmings or things like that?
I think another way to explain suitable manure would be most manure from plant and insect eaters are good for compost -- that includes goats, sheep, chickens, ducks, rabbits, horses, cows, bats, etc. Avoid manure from meat-eating animals including humans, pigs, dogs, cats, etc.any manure you may have access to, avoiding that from domestic pets.
I never considered that some may have access to such exotics as you describe. I was thinking about common farm animals. Human excrement would, I hope, be excluded automatically. I don't recall ever reading anything suggesting pig manure is a problem though.as is any manure you may have access to, avoiding that from domestic pets.