Actually I think that another, and perhaps more accurate reading of "My proper name is Clarence" is that it's poking fun at people who think that "homosexuality and transvestism are frightening".

But for that to work it needs to be sung in a context where the singer and the listeners were agreed that those kind of attitudes are ridiculous. In the wrong setting it could reinforce those very attitudes (rather like "Black, White and Brown" with its refrain of "If you're Black, get back", if sung by racists.)
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There are some occasions when you might actually want to offend some people and some attitudes. I know Dylan turned away from the idea of "finger-pointing songs", but there are times when pointing fingers is not a bad thing to do.