Overall the only reason I don't classify be it futanaries or traps as gay is mainly because what is attractive of those characters is exactly the feminity, which deviates on what the gay stuff itself tends to be.
Now, don't take me wrong, I don't disagree that it has a tendency towards it but I believe what is more dominant is the feminity of said characters compared to the extra pack, it's kind of funny cause you have most of the times even on a trap a perfectly feminine body that if you take the dick away would be fuckable to totally heterosexual people.
To be fair I don't find futanaries or traps a turn on, albeit I'm really tolerant over it, perhaps it is cause one of the first adult games I played was corruption of champions and found the game overall likable.
But well... basically I just mean that for me a futanari or even a really feminine trap feels like it appeals more towards those that like females compared to those that likes males, albeit for heterosexual people that have 0 tolerance towards it will go about saying it's gay stuff and then the people that like gay stuff will say it is hetero stuff, I would say it's more on no man's land lol.
To be fair I don't truly care when it ends, I consider myself heterosexual even if I have tolerance for futanaries and similar stuff, in fact I believe that rather than sexual orientation it is more fetish based stuff those situations similar to those males that like females with a strap-on or stuff like that.
To end, people are weird as fk, I just find it more important to value things on a feminity/masculinity scale for sexuality then the rest are just their fetishes:
-Male attracted to masculinity -> gay
-Male attracted to feminity -> hetero
-Female attracted to masculinity -> hetero
-Female attracted to feminity -> lesbian
How tolerant you are within that stuff is your business and personal likes/dislikes, but that's about it.