This here is the topology of a typical home network:
For many people ISP modem, switch and access point are part of the multi purpose home router.
Anyway, the security is determined normally by two things:
a) operating system of the Router itself
b) exposing ports to the internet.
When talking about firewall what's normally meant is the packet filter builtin the router. A firewall can do more than that when using other programs/technics.
Default setup of packet filters is normally to allow all outbound traffic from your internal network to the internet, where the router is normally doing NAT, while dropping all incoming traffic which was not generated via NAT. That's it.
A packet filter can only decide based on origin, destination, port and some other stuff if it accepts a connection or not. It does not inspect the traffic. Firewalls on packet filter only base therefore are highly overrated, because they will not prevent you from downloading nasty stuff. The biggest security problem always sits before the computer, you know. They are covering you in a false sense of security which simply isn't there.
There are also various technics around, which were created e.g. back then by Skype, to punch holes into firewalls.
Also keep on mind that running a real firewall would also include the need to sometimes have a look at your files, so that you can adapt your rules and such, because running an additional firewall on your desktop systems will offer no additional security, since e.g. some bad program could just want to connect to somewhere port 443, so HTTPS. How are you able to judge if that outbound request is good or bad then, if not looking into the traffic?
So at the end of the day most people are fine with such a setup like above. These who need more normally are also paying nice prices for that.
So coming back in terms of firewall: only expose to the internet what is really necessary, the rest should be protected and dropped. Running firewall behind a home router normally does not increase your security.