I suspect this is true, however, it's arguably not a lot differernt than when female people try to appeal to men in how they dress and behave. I'm not sure I'd put it in the same box as cross dressing by straight men where it seems like there is often a massively reductive view of women, a humiliation element, and also some kind of problem with subject/object separation.
In general, if we think about how young people in their teen years come to terms with being sexual people, there is to some extent an internalisation of common social expressions of that. We know we are attracted to men or women, and we want to be attractive to them as well, and there is a way that it translates into an image of our self that takes on some, or maybe a lot, of the social trappings of femininity or masculinity.
Not everyone does it to the same extent, and there are more versions of femininity and masculinity than we sometimes admit, and many are not hyper-sexual. But I think that is a process in adolescence that almost everyone goes through to some extent. It's mostly not done consciously imo either.
But if your sexual interest is more focused on people who are the same sex as you, it's potentially a little more complicated to navigate, and I think you are right, for some gay men who tend to be attracted more to straight men, or have their own discomfort with same sex attraction, cross-sex identification can seem like a way out. Again, not necessarily consciously.