Absolutely this. The conflation of transphobia and homophobia is, like a lot of trans stuff, not based on fact.
The difference between stating the fact that you are same-sex attracted, and stating the belief that you can change sex, is obvious to anyone who pays close attention to what words mean and what things are.
I had a look at Stonewall's website earlier today to see what their current line on lesbians is; there were an awful lot of photos of women [or 'women'] on the website, suggesting that they are now prioritising gay women.
Well they're not: lesbians are not even allowed their own category, or their own campaigns against, for instance, the epidemic of the 'corrective rape' and murder of lesbians in South Africa.
Instead, meet the new acronym:
'LBT+ women'.
In other words, same-sex-attracted women can only have only mixed sex groups. That sounds like homophobia to me.
LGB✂T