No, generally it does NOT mean that.
LGBT = Lesbian, Gay, Bisexual, Transgender/Transsexual
LGBTQIA+ = Lesbian, Gay, Bisexual, Transgender/Transexual, Queer/Questioning, Intersex, Asexual/Aromantic, and other non-heteronormative identities not covered by those initials.
"Female or trans" does NOT mean "LGBT enable/disable" at all.
If you choose trans Shauna, you will get trans Penny and trans Ryann. You will also get gay teammates, and you'll walk in on a pair of them mid-blowjob in the locker room. You also have the option to impregnate Brittany, who is Keyana's wife (while this is a bisexual encounter, they identify as lesbian and you are the exception because they want a baby). You will also have the option to have a threesome with Rachael and Eden, and Eden and Hannah. Elizabeth and Yuki are an option. Bailey and Rainn are developing. You can get Bailey and Zoe to kiss while you're having a foursome in the back of the bowling alley. Shauna and Jamie are working toward more interaction. An orgy with the donors is an option.
However, if you choose female Shauna, you will get female Penny and female Ryann. You will still get all of the other lesbian, gay, and bisexual content.
"Trans/Female" is NOT the same as "LGBT enable/disable". It is specifically only a Trans/Female flag for specific characters. Notably, Skye is still a transman regardless of your choice.