I always thought, that the song, was a trannsy anthem, back in the 70's.
I know throw eggs at me.
Eggs are so expensive now, might as well throw a rock, it's cheaper. :)
The record executives are the high heeled boys, as a kind of play off of well heeled. In the lyrics they do use high-heeled boys, which may or may not be a reference to their sexual deviancies as well. That's perhaps a more hidden meaning.
Other interpretations make it about drug usage & the relationship between user & supplier, & high-heeled boys is a reference to an 8-ball mixture of cocaine & heroin.
As far as I know Steve Winwood has never really come out and said what the lyrics mean. So, we have several options to choose from. Those are only 2. But I have always loved the song and my interpretation has always been the first one, because to me it has a deeper meaning than the drug usage one. 🙂
Am I right? Who knows, and frankly who cares. 🙂
But I have never thought about it as being about trannies. 🙂