From what I understand yeah basically, thats also why that one translation I mentioned just straight up renders that one specific insult as "gay", because it has the connotation of unmasculinity/femininity/submissiveness.

I recall reading that it got some negative responses from other translators/historians because it comes off as pretty juvenile in some parts to have the gods just call each other gay, probably a "better" word to translate it to would be the gay slur, in terms of actually translating the level of offense intended with the insult, but I guess as a serious translator you arent really allowed to make the gods call each other f*ggots.

But yeah it was really serious to call another man that insult, IIRC it was justification for demanding a judicial duel, or even murder.