Solution 1: as a function of $ab$:
Write
$$f(a,b) = a+b+\frac{1}{ab} = \sqrt{(a+b)^2}+\frac{1}{ab}\\
= \sqrt{a^2 + b^2 + 2 ab}+\frac{1}{ab} = \sqrt{1 + 2 ab}+\frac{1}{ab} $$
since the restriction $a^2 + b^2 = 1$. So we see that $f$, under this restriction, only depends on the product $ab$.
The maximum value that $ab$ can attain under the restriction $a^2 + b^2 = 1$ is given by AM-GM, as $1 = a^2 + b^2 \ge 2 ab$, hence $ab \le \frac12$.
Now note that the derivative
$$\frac{d \; f(ab)}{d \; (ab)} = \frac{1}{\sqrt{1 + 2 ab}}- \frac{1}{(ab)^2} $$ is negative for all values $0 < ab \le \frac12$. Hence the minimum of $f(a,b)$ under the restriction $a^2 + b^2 = 1$ is attained at the maximum value for $ab$ which is $ab = \frac12$. Then we obtain
$$f(a,b) =\sqrt{1 + 2 ab}+\frac{1}{ab} = 2 + \sqrt{2}$$
$\qquad \Box$
Solution 2: with homogenization (with questions, see comments)
You can homogenize this to:
$$f(a,b) = a+b+\frac{a^2+b^2}{ab}$$
Now you can demand some value for $b$, e.g. $b = 1$, which gives a multiple of $f(a,b)$ which satisfies the condition $a^2+b^2 = 1$ automatically, i.e.
$$F(a,1) = 2 a+1+\frac{1}{a}$$
By $F'(a) = 2 - \frac{1}{a^2} = 0$ you get at the minimum $a = \sqrt{1/2}$ immediately, which gives, for the original case, $b = \sqrt{1 - a^2} = \sqrt{1/2}$, and for the minimum function value you get $a+b+\frac{1}{ab} = 2 \sqrt{1/2} + 2 = \sqrt{2} + 2$. $\qquad \Box$