Will same spelling and different meaning be counted as the same morph

[vlashada]

How are words that are spelled the same but have different meaning handled, such as bat (animal/equipment for baseball) and bow (curved weapon/gesture of respect)?

Will both of these be the same morph or will it make different morphs based on the context? Is the algorithm for creating morphs contextualized?

[mortii]

Will both of these be the same morph or will it make different morphs based on the context? Is the algorithm for creating morphs contextualized?

Depends on how good the morphemizer you use is. If you use the AnkiMorphs: Simple Space Splitter or AnkiMorphs: SSS + Punctuation morphemizers, then no. The other morphemizers like spaCy should be able to differentiate between them, although no morphemizer is perfect.