There are a couple of parallels with Islamophobia imo:
- to say drag is unrelated to being gay -- and therefore criticism of it cannot be homophobic -- is the same as saying "criticizing Islam cannot be racist because Islam is a religion". Not to say there are never any legitimate criticisms of either, but....
- any legitimate issues (misogyny/homophobia) have to be solved (and are being solved) by people within the communities, not ignorant people from outside the communities.
- they are both not a simple fixed idea that remains the same over space and time. They are massively complex schemas whose meaning varies from place to place, person to person, culture to culture, and constantly evolving.