I've never thought of 'I had a hippopotamus'(Bannerman & Hayes) as a song about 'confused sexual identity but no doubt there will always be those who need to search for hidden sexual meanings...............Perhaps this explains why the song was so popular on Childrens Favourites with Uncle Mac in the 1950s!
Interestingly, the text on the linked thread has a couple of verses which weren't on the 78 I once had: 'My house now lacks the glamour.....' and the very last verse, which is basically a repeat of an earlier verse.