It's the new f-ggot. It's not a flattering phrase to use, and only will lead to guys feeling like they must prove their masculinity to you. I wouldn't go around calling anyone that to their face. I personally don't care, I have just noticed it has become hip with those that consume far right media. The "Jews will not replace us" crowd.
No. It’s typically reserved for puffy men without an ounce of aggression. They are usually found wearing problem glasses and growing sad facial hair.