The word in Matt 5:22 is ῥακά, sometimes spelled ῤαχά. According to BDAG, the listed meaning is:
a term of abuse/put-down relating to lack of intelligence, numbskull, fool (in effect, verbal bullying) Matt 5:22, a term of abuse derived from the Aramaic.
Similarly, Thayer gives this meaning:
ῤακά (Tdf. ῤαχά; (the better accentuation seems to be ῤακά; cf. Kautzsch, Gram. d. Biblical-Aram., p. 8)), an Aramaic word רֵיקָא (but
according to Kautzsch (as above), p. 10) not the stative emphatic of
רֵיק, but shortened from רֵיקָן (Hebrew רִיק), empty, i. e. a
senseless, empty-headed man, a term of reproach used by the Jews in
the time of Christ (B. D., under the word ; Wünsche, Erläuterung as
above with, p. 47): Matthew 5:22.
Also the HELPS Word studies offers this:
4469 rhaká (apparently related to the Aramaic term rōq, "empty") –
properly, empty-headed. This term expressed contempt for a man's head,
viewing him as stupid (without sense) – i.e. a "numbskull" who acts
presumptuously and thoughtlessly (TDNT).
There is no suggestion nor component of this meaning that has any sexual overtone whatsoever; Nor is there anything in the meaning of this word about sexual orientation.
The meaning of ῥακά is entirely related to being "stupid".