No, it isn't, only between homosexual males. A faggot nowadays is someone whose conduct or speech sticks out (in a non-desirable way), as in a flaming faggots (originally a bundle of slender twigs for kindling, then cigarettes, as smokes are still called fags in the UK). The motorcycle fags in South Park episode engage in undesirable conduct which makes them stand out...as unwanted assholes.