I'd say drag shows are the gay equivalent of burlesque or cabaret, so nah.
It's just that in the push to normalise 'gay culture', people failed to acknowledge that so much of it is inherently sexual. It's the same with pride parades- you have all these people who want to be "allies" by dressing their kids up in rainbow clothes and marching in a parade, but find themselves tapping the breaks because maybe it's a good idea to keep your kid away from public spectacles including sex toys and leather harnesses.
But of course they literally can't imagine a world where they don't get to participate and virtue signal.