Is a Value Object that is used many times an entity?
No, but it depends...
It is often the case that a value object is actually a proxy identifier for an entity, that you may not have explicitly realized in your model.
For example:
1600 Pennsylvania Ave NW
Washington, DC
20500
If you look at that carefully, you'll see embedded in it
- The name of a street
- The name of a city
If those are references to a street/city entities in your model, then "address" is the representation of the current state of some entity (ex: "The White House").
Complicating things further - you want suitable abstractions for your model.
Consider money:
{USD:100}
That's a value type, we can replace any USD:100 with a "different" USD:100
{USD:100, SerialNumber:KB46279860I}
That's still a value (it's state), but it the state of a specific bill that exists in circulation (somewhere). What we have here is an information resource that is describing an entity out in the real world, somewhere.
You also need to be careful about coincident properties. For example; the name of the street changes -- should the value of address change? If the model cares about the current identifier of a location, then perhaps it should. If the model is tracking what information you put on an envelope two months ago, then it certainly shouldn't. (In other words, when we changed the label for the street entity, the label already printed on the envelope entity didn't change).
It's an important question, but the answer changes depending on what you are modeling at the time.