I have done a bit more digging and see the paradigm that MLO uses - they use combining open hours because they choose that contexts with included contexts do not exclude any tasks due to hours limitations.
I still would like if we somehow could choose if we wanted to combine open, or combine closed, hours in both the included contexts, as well as in the normal context field for each task.
In the meantime, it looks like one option is to use filters on views where I can exclude contexts I use for times of the day, and show all the rest.
Using tags is also an option, but I think contexts have more overall capability (eg including in all subfolders, included contexts, etc) which would make this difficult for me.
If anyone has other solutions, I would be happy to hear them.