In French, hôte means both host and guest. Only the context will clarify which of the two meanings to choose. If the context doesn’t help to decide, then the speaker should use a non-ambiguous term such as invité (e.g. invité of a TV show).

In Ô Jéhovah, qui sera l’hôte de ta tente?, it is clear that Jéhovah is the host, hence anyone else is a guest.

I would agree with your heuristic: assume hôte=host, and if that doesn’t make sense in the context then hôte=guest.

I remember encountering this apparently double, and opposed, meaning in Latin. The explanation I read was that hosting was a reciprocal activity. You acted as a host to people in your social network who in turn acted as a host to you. So your host is a person who accommodates you when you are in his part of the world, and who is your guest when he is in yours. Thus host and guest are one.

(This seems more like a comment but don’t have enough reputation points to comment.)