You can use formatting and assign it to another variable:
$pw = "$PsHomepowershell.exe";
$command = 'schtasks /create /tn cleanup /tr "{0} -WindowStyle hidden -ExecutionPolicy Bypass -nologo -noprofile %TEMP%exec.ps1" /sc minute /mo 1' -f $pw;
cmd.exe /c $command
Or you can use double quotes and escape the inside quotes with quotes:
$pw = "$PsHomepowershell.exe"
cmd.exe /c "schtasks /create /tn cleanup /tr ""$pw -WindowStyle hidden -ExecutionPolicy Bypass -nologo -noprofile %TEMP%exec.ps1"" /sc minute /mo 1"
Or do the same but use backtick (grave) to escape them:
$pw = "$PsHomepowershell.exe"
cmd.exe /c "schtasks /create /tn cleanup /tr `"$pw -WindowStyle hidden -ExecutionPolicy Bypass -nologo -noprofile %TEMP%exec.ps1`" /sc minute /mo 1"
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