No, not their sexual orientation per se.
But, rather, whether their sexuality has shaped their life in a way that they believe will meaningfully contribute to the climate of the college campus to which they're applying, in terms of making the campus itself a multifaceted environment for learning.
Not every LGBT+ person will be able to articulate this. If they can't, their sexuality per se shouldn't be viewed as an asset.
The same concept applies to race and ethnicity.