Each one of these sounds, by the way, could be exactly as well represented by another combination of letters which would be unmistakable, viz., _coff_, _doe_, _enuff_, and _plow_.

It is impossible to tell except by the context either the pronunciation or the meaning of _bow_.

If the _ow_ is pronounced as in _low_, it means a weapon.

If the _ow_ is pronounced as in _cow_ it may mean either an obeisance or the front end of a boat.
This standardization of spelling is unfortunately not quite complete, although nearly so.

Concerning the vast majority of the words in the English language there is no difference of opinion.