The emote on its own isn't, but it's more to do with context.

If you're using an emote of a male streamer in drag without any sort of context it wouldn't mean all that much. It could be used to make fun of crossdressers or trans people, or it could be used in a more innocent and/or supportive way. There's no way to actually know unless you know the streamer beforehand, but when you've been on the internet long enough the former seems much more likely.

Regardless of its original context, spamming the emote while there's a trans woman on screen is horribly offensive since you're implying they're just a man in women's clothes, which is totally incorrect and shows a massive amount of ignorance toward transgender people and any of the science behind sexual differentiation, gender and gender dysphoria.

When you find out the same streamer also has another emote playing off the old "triggered" meme without actually knowing their opinion about trans people or crossdressers, it kinda looks worse than it actually is since that meme is commonly used against trans people.

Without knowing the streamer and their opinions on trans people beforehand, it seems more likely that the streamer could be just another transphobic ass that encourages hateful behaviour for cheap laughs rather than a decent, well adjusted person who, by total coincidence, has two emotes that together could be interpreted as transphobic or "anti-pc".