Drag shows are adult humor. Even the names of the “queens” are often vulgar. If a drag queen wants to donate his time and read to kids, he can do it out of a costume as a regular person. Doing it as his ‘persona’ is inappropriate for children.
It’s been around for ages.
Flip Wilson
Milton Berle
Bugs Bunny
Tyler Perry
Bossum
Bosom Buddies
But it was for gags and laughs, not as a thing ever aimed at kids to “admire”.