No, gay used pejoratively has no special meaning to distinguish it from any other slight meant to disparage and discredit those whom it refers to. Their only real “meaning” is to be mean. It’s just like calling something lame, which is casually insensitive to people who cannot walk or run easily.
In this way, this is just like any other slur based on race or national origin or religion or sex or disability physical or mental, or on anything else that the execrable dregs of humanity use against their fellow man.
I will not besmirch this site by enumerating a list of spiteful examples of these, but I’m sure countless many of the same bilious character come readily to mind once you try to think of some.
Such insults are nothing but base stigmatizations — rank put-downs, if you would — committed by xenophobic churls and others of equally low breeding, empathy, intellect, courtesy, and judgement.
Whether done in casual passing or as an active affront, every single one of these slurs is verbal violence but thinly veiled and summarily vile. They can be used as hate speech — and often are. Their intent is to dehumanize and sometimes even demonize those whom such speakers perceive to be “different” from themselves, and by extension inherently inferior from them.
That is their “meaning”.