Whats a Context?
You can find this in a lot of frameworks for web dev nowdays and even a few UI frameworks. I feel its replacing something that some old languages had but modern ones don't. Dynamic scoping.
Think of it as a scope of data. Data that's scoped to the request. Every request might need a timeout, but it might not be a global hard-coded timeout. Different requests might require different timeouts. The headers are also request scoped data.
Dynamic Scope
We had this as a language feature back in perl. It was called "dynamic scoping" vs the "lexical scoping" we're all used to. Where you had global variables. But you could scope the value of a variable to a particular function call and its nested call tree.