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If Painful Rhyme is correct, then yes.
''identity: rhyming a sound with itself or a homophone. (foul/fowl, grace/disgrace)"
Edited by valozzyThis is a bit of a pedantic distinction, but in a grammatical and linguistic sense, homophones (and even homographs and homonyms) are not technically the same word.
For reference:
- Homograph: Word that shares the same spelling with another, but not the same meaning, and not necessarily the same pronunciation. Like the present tense verb "read" as in "I like to read books", pronounced "reed", versus the past tense verb "read" as in "I read a book yesterday", pronounced "red".note
- Homophone: Word that shares the same pronunciation as another word, but not the same meaning, and not necessarily the same spelling. Like the past tense verb "read" and the color "red".note
- Homonym: Word that shares the same spelling and pronunciation, but not the same meaning. Like the verb "run" and the noun "run" (as in, a run in your stockings). Also applies to words that have multiple definitions, like "run" as in to run around in circles, and "run" as in to run an application. They are technically different words.note
- Heterograph: Word that shares the same pronunciation, but not the same spelling or meaning. As in the number "two" and the preposition "to".note
That said, for our purposes, I believe all of the above except homographs would qualify as Rhyming with Itself, despite technically being different words.
Edited by SolipSchism

Rhyming with Itself: Does it apply when "rhyming" homophones (for example, rhyming "no" with "know")?