Not really. The lyrics reflect the thoughts of an average blue-collar worker envious about the outrageous and seemingly 'easy' prosperity of rock stars. The 'faggot' reference sounds pretty close to what a jealous working joe would say to degrade a guy with make-up, styled hair and earrings. It was also written some 30 years ago.
That's how I always took it. He seems to be saying that you can laugh at those rock stars and call them faggots but they're making fortunes with their acts.