No, you're not. Children are children and try to (and need to) break rules to see what they can get away with and all that, of course, but using the word "gay" in this sense seems all too accepted by society as a whole, even by people who'd probably crack down immediately on other slurs, such as racist or anti-semitic ones.

I sometimes wonder if this is because homophobia is simply more accepted (not to mention more entrenched) in society and still not seen by all (or nearly all) as a bad thing.