Oh definitely. While it’s not a given that bigoted folks are closeted, it’s worth noting that there’s been some studies showing it’s not just a joke: https://www.scientificamerican.com/article/homophobes-might-be-hidden-homosexuals/

Your take on it seems likely in other cases, and/or some combo of both.

That said, I would much rather a man with an erection look at me like on the right than like on the left, which was a bit more where my joke was coming from.