That hypothetical buffer was due to their biological sex and their racial background (and the privileges contained therein). It couldn't be a privilege based on their sexual orientation when their sexual orientation itself is subject to repression by society. White gay men in the 1950s had no public platform to discuss/empower others based on sexuality, because any sexual orientation other than heterosexuality was forbidden in the first place.

An argument can be made that White men within the LGBT+ community NOWADAYS have the ability to use privilege constructively and share privilege with underserved members of the LGBT community itself...but, again, it's based on whiteness and perceived masculinity -- not any societal favoritism toward homosexuality per se.