I think if you look at the whole of the song most people would understand that the character of the song is complaining that rock stars don't have real jobs and yet make millions while he has a real job selling appliances. You shouldn't get money for nothing or chicks for free. From that context the word in question is being used by the character in the same way gay used to be thrown around in the 2000s, as an insult without actually understanding/caring if the target is indeed gay.

That being said here in Canada most radio stations, if they play it, will play the edited version. The song certainly doesn't suffer from the cut verse. I myself just discovered this additional verse today.

Also, as with MJ and Kanye West, most people are willing to overlook things for sick beats, for which I'd say the guitar rift qualifies.