Yes, it's perfect for building templates in code based on an object defining your templating API - code which is run once at startup with little or no assignment and no ambiguity between the contents of the context object and anything else, e.g.: https://github.com/insin/sacrum/blob/master/fragile/lib/frag...
You could easily go back and plug in use of a single-letter variable instead of the implicit context object after the fact, but it's nicer to work with while you're building stuff up.
You could easily go back and plug in use of a single-letter variable instead of the implicit context object after the fact, but it's nicer to work with while you're building stuff up.