I'm more upset that the lyric makes absolutely no sense than how offensive it is.
This. What kind of whack freestyle? I hope he lost.
Anyway, Idt Ed is homophobic. It's more a sign of the times than anything. If he had gone into an Eminem style tirade about ******s then I would give the side-eye.
Disappointing, but sadly, I think the majority of (straight) guys have said something stupid like this when they were younger only to regret it much later.