No, actually it doesn’t. It’s a new use for “fag”. It just means one is heavily into something, no relation to sex at all.
So, there are fishfags, blogfags, carfags, bikefags, clothesfags, shoesfags, golffags, etc.
Yes. Like the decades-old explanation about the difference between ‘art-fags’ and ‘art-phags’.
Both denoted folks that were just a little too arty for mundane company, but the latter meant overly-arty men, who might not be bona-fide homosexual.
So, it replaces -Nazi as a suffix.