As someone not affected by this, I am curious. Are gay people offended by this song? My guess was no because the lyrics are making fun of the people who called them that, but now I am uncertain.
I think the fact that the radio edit cuts out that verse answers your question.
By that logic black people cringe in pain listening to every other hip hop release for including that word. Which I also doubt.
Point being, radio stations censoring themselves preemptively because someone, somewhere, might take offense isn’t a good indicator of how the affected people actually feel about it.
Perhaps you can test this for yourself?
Wait outside your nearest gay bar and call anyone that walks out a removed?
The song does not call anyone a faggot, it’s quoting an (probably) hypothetical person thoughts.
(Sorry for spelling it out - but I am convinced not using an evil word does only make the word an even stronger weapon)