that is a play on words by homosexual or bisexual

elton john

sad songs say so much

sad = sad   gay = happy

for swedes yes gay does translate to happy

fag is homosexual in slang, fag is also cigarette in slang in england

elton john did plenty cocaine

and was raised Sir Elton John

Similarly there is Sir Paul McCartney

about LSD allusion of Lucy in the Sky with Diamonds

Paul McCartney would be quoted as saying ''''does it matter''''

the discussion went back and forth, and it does matter

and it is

great