My understanding was that when you're doing a leve, the return point is temporarily set to the aetheryte node/gate that initiated the leve. If you select return when you die outside of doing a leve, you will be sent to your home point.

In my mind this makes sense. I don't want to have to go all the way back to Humblehearth if I'm currently doing a leve out in Camp Tranquil and for some odd reason happen to die.