It's obviously relevant to a conversation about the meaning and history of the word, even if it's not a common usage today. If William S. Burroughs said it, it's worth taking a moment and making sure it actually fucking sunk in, and not just going eww that's not the way mom makes it. When people use "punk" pejoratively, and they commonly do, they are certainly calling on this legacy. I hadn't made the connection to homophobia before.