I'm not a fan of drag, at all.
I don't think it's sexist at all. Spoiler alert for anyone who doesn't want to know....
Jamie starts off the musical wanting to wear his shoes and be a drag queen. He meets Hugo and becomes a star by accident (interestingly enough his drag persona is called Mimi). However, as his attitude changes with the fame and he hurts his mum and his best friend, and he has the run in with his dad, he realises he doesn't want to be a drag queen. He wants to be himself and wear dresses.
Now, the adversaries would claim that he can do what he wants anyway, but in the real world it's not that simple. We go on a journey with him.
In the musical, Jamie is very show offy but the reason I resonate with him is that the actor (who finished the role this week) himself has his own issues with being gay and a POC and also wears dresses. So while yes, he probably is quite "me", if you will, it's coming from a place of finding a home.
If you haven't seen the film, I'd try it. Drag is a small part of a beautiful story.
Oh, and Jamie is a real person.