While not rap, St. Vincent[1] may want to have some words with you.

Ambiguity can definitely be used in art.

[1] https://www.youtube.com/watch?v=whxF0KhBR84

Of course it can be both. If he deliberately chose it because it is a homophone and intended for either interpretation to work, then it's both.

Actually, that's a hugely common thing to do in rap: make a word ambiguous between 2 to add some more depth to the song.