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homonyms are words that sound the same but have different meanings. Their/there/they’re are classic examples.
That’s a homophone, a homonym is a word that is spelled and pronounced the same but has different meanings, like “tap” as in “faucet” and “tap” as in the action of tapping a surface.
Technically, it is a homonym. Homonyms are separated into two categories, homophones (sound the same but spelled differently, such as they’re/their/there) and homographs, which are spelled the same but have different meanings, such as lead (the metal) and lead (the verb).
Handy chart
Led is not spelled the same as lead.
yes, but lead is
Led is the past tense of the verb “to lead”.
Led is a homophone of lead (the metal) whereas lead is a homograph of lead (again, the metal).
Lead however is spelled the same as lead, so their point remains.