...well, everywhere I've seen it used and in common parlance, it's a slur. and it originally started as shorthand for a slur phrase.
@nautilee ...I remember hearing that it was a reference to the egyptian god thoth
@nautilee @queerzel@snouts.online I've seen people use it in ways that make it seem like it just means "horny"
@nautilee including at least one person I normally trust to be pretty knowledgeable about that kind of thing