I've come across some articles about a sort of a daffodil, called Narcissus Gay Kybo. Look, for example, here: https://staging.rhs.org.uk/Plants/43067/Narcissus-Gay-Kybo-(4)/Details As Freddie was fond of flowers, may be he was aware of that sort. And decided to joke about it.
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It's just a phrase he was going through
^^ very clever
So, he might as well say i'm as gay as a table etc.? Still, I think he put some sense into it. Probably, not very sophisticated, but...this version has the right to exist, hasn't it?
The laws of exaggerated comical expression have no bounds. He could've said anything as juxtaposing it with 'as gay as a..' makes that item 'gay' regardless of the item. For instance, 'as gay as a table' also works because you instantly think 'wow tables ARE pretty gay'. But generally, picking an item that could quite easily be considered 'gay' works better in a conversation. A flower is a good example of this. Saying as gay as a cactus for example is not so good as it requires the listener to work a bit more. Granted, in this context, cacti are pretty gay, but not as gay as a daffodil.
Sorry, I don't see any sense in it....Why is a daffodil gay? You mean bright colour, or anything else?
I'm not a native English, that's why I want to understand it thoroughly, but still hopelessly. What is more, in Russian articles this phrase is translated wrongly, meaning, literally - I'm as blue as a violet. (In Russia, gay men are called "blue").
Don't over think it.