"Ia ce dorești!"
Translation:Take what you want!
Yes. It is said that ea should be pronounced ia, but even fellow native romanians don't always do.
Similarly, eu (me) should be pronounced as ieu,el (he) as iel, ei (them, at least one masculine) as iei, and ele (them, but no masculine) as iele.
Sorry, for being pedantic, but I think it helps the conversation: "homonymy" refers to two words sharing both the same pronunciation and the same written form.
With that said, if your question refers strictly to the personal pronoun and the verb, then they are prescriptively homophones, both pronounced /ja/ (source).
But, generally, "ia" and "ea" should be treated as phonologically different; there's at least the minimal pair "biată - beată" (/'bja.tə/ - /'be̯a.tə/).
Obviously, there's regional variances. Unfortunately, I don't know much about them; what I presented are the norms prescribed by the Romanian Academy and they hold for at least the Bucharest dialect.