No, not at the time it was made, but the modern LGBTQIA+ lexicon has moved on from it

Fun fact: On Drag Race, Ru used to give messages to the contestants and called it “She-mail”, but they (reluctantly) stopped calling it that due to heavy viewer criticism

Edit: I should have also said the “She-mail” thing was heavily criticized by former contestants as well, which was probably an additional factor that made the show change the name