This statement is true if we only take into account those sets of characteristics of those two people. But we should still ask ourselves if there are other (less-discussed) elements of intersectionality that come into play. Granted, based on the attributes you listed, the second person is most likely far more privileged (on-balance) then the first person is. But the comparisons between lives of any two random people aren't necessarily always going to be that straightforward.

Privilege is real, but privilege is also relative.

Also, since you brought up heterosexual privilege, let me add my own comments on that, as a gay person. As long as you value your LGBT friends and acquaintances for their virtues (and don't use their sexuality and gender identity to indict them, from the onset), then, in my view, you are a valuable straight ally to my community. Even though you have heterosexual privilege, you shouldn't be ashamed of being heterosexual. Furthermore, I'm not going to automatically discount any problems that *DO* arise in your life that happen to be based on your heterosexuality.