Yup. They do.
Nope. They are not following the Wavey's advice literally, but he pretty much nailed on the head it this time around, tho
"Gay" as a term has now been evolving for a very long time away from really meaning m2m sex (only) towards depicting a specific lifestyle.
Conversely, a few "str8" guys see "str8" not so much about having sex with women exclusively but as embracing a specific set or behavioral attitudes and lifestyle choices.
This symmetry would have worked even better if the concept of heterosexuality in males were not as fragile as it still is. If it becomes widely known that a dude is fooling around with other dudes, he cannot go back to being 'str8' again. Men still remain very keen on policing each other's sexualities not without self-interest.
I tend to see this a step forward towards granting pseudo-situational homosexuality a degree of everyday legitimacy.