I've never understood the point of the title, brilliant as it is.
Yes, "I am a secret gay [wink]", basically.
Hope this helps!
My understanding is that it was also a song recorded or attempted in 1990, at the outset of the sessions for the LP, and while it never came to fruition he kept the title. I think I read that in Mozipedia.
I had no idea the title was so riven with filth.