You're first and second points are valid, i should have posted this in a different subreddit and the wording of my title isnt want i was going for. I meant if you switched the phrases could that phrase be racist. You're right though as the image originally has nothing to do with race.

Had an openly lgbt person posted this would you have had an issue with it?

I would probably initially have an issue with it but id have to see why they posted it. If they said "most lgbt people think they are better than everyone else because they have pride month and they think they are special" yeah id continue to have an issue with that person's statements. Even LGBT people can do and say homophobic things.

The context of where i saw the image was somone posting about how he's tired of pride month and having lgbt articles shoved down his throat and he thinks lgbt people think they are better than everyone else.