I do know that out here in sunny AZ having shaved legs does feel cooler....although not sure if is just the placebo effect, but it does feel nice! Also, my wife thinks it's hot, so hey why not go with it.
Shaved armpits? Now that one is trickier...not many males do, but there are a few. A runner suggested it to me to help cut down on chafing...and he was right. Makes a big difference to not have that sweaty clump under your arm. Yuck.
Gay? Nah. But getting a tad close.