I think the noun/verb difference is a little more clear-cut than just saying it depends on context.

There’s plenty(?) of words that are spelt with a verb–noun distinction:

• since I’m licensed, I can show you my licence
• she advised me and it was good advice
• he devised a clever device
• I practised for years before I got my practice

and more where the difference is only in pronunciation (mostly stress):

• Tomorrow I record my record
• I suspect that that suspect is the one
• She’ll present her present