Yes, but a homonym is "大话", which I gather is a colloquial expression for "bullshit."

A quick look [1] on 有道 reveals that this is not a homonym.

[1]: https://www.youdao.com/w/eng/bullshit/#keyfrom=dict2.index

Yes, 废话 is a different word than than 大话, and sounds different. I've heard 大话 also means bullshit, though. E.g., "大话王 King Of Bullshit": https://www.le.com/ptv/vplay/26199923.html