No. Homology is defined as shared common ancestry.

Two genes that take part in the same biological process may not have the same function at all, but are simply involved in the same process. In yeast, ERT1 is a transcriptional regulator while SNF7 is a protein kinase- but they are both involved in positive regulation of gluconeogenesis and annotated to GO:0045722.

The same applies to terms annotated to the same Function or Component terms, that an annotation to the same term does not indicate they have common ancestry and therefore would not be homologs.