It's that exactly. And honestly it didn't even go all that viral until S2. The conversation/fandom surrounding it got wildly different for S2.

Ultimately pretty much every question the show ever asks get answered with a muddy "people are people" sort of answer. S2 didn't say anything deep or profound about sexuality. Probably the closest it came was Imperioli yelling at his father for his inherited womanizing. It doesn't even really say much about the nature of tourism. Hell the most well meaning of the "rich set" in the first season ends up being the most destructive by far. In interviews mike White comes across damn near trolling people who want a really left leaning "rich people bad" message because they end up all being garden variety jerks rather than embodiments of evil wealth.

Then in S2 the very TikTok-y pathologizing came out. Every character was either a "sociopath" or an "incel" or an "abuser" or "closeted gay" or a secret rapist or something. Surprise surprise, aside from the outrageous murder gays plotline, every other character was aggressively vanilla in their sins.