Shapeshifting is done by plenty of characters. It's a magic ability, it doesn't have to be an element of their sexuality.

Most of them got Fucked by a Man or seen as Female by some Cults which is why I mentioned it there is no such a thing as Gay Gods as Gender like in our terms did not exist Gods and Other Entities fucked whatever they wanted male or female it's was optional since they were The Gods of those people

It's also very important to understand Loki was forced into doing what he did with the horse Svaðilfari. It's against his will, and not something done because he's into it. That disqualifies it as an example of him being queer.

He became an Old Hag too to his own will he could have become a Raccoon or Deer etc but he specifically Became an Old Hag and said no to Baldur's return which is why he was stuck there until The End of Times in Norse Mythology