It was a huge thing for me when it was released, due to my discovering queer activism around the time; and I think it was a huge thing, culturally speaking, for many queer people in many countries.
I rewatched it yesterday but of course through the lenses of nostalgia, so I wondered if it has aged well, if it resonates with the younger people...
I rewatched recently as well. I feel like the emotional core of the movie is solid and for me it holds up rather well.
There is some terminology in the dialog that would widely be considered offensive today, but personally I still think it works in the context of the movie. Big surprise, LGBT people are people and they can be as awful to one another as the most bigoted of the straights.
I'm sure the casting choices might be different as well if the movie were to be remade today, but personally I think the trio (and honestly, Terrance Stamp in particular) delivered Oscar-worthy performances. I'd love to know what three straight cis dudes went through to prep for these roles.
Edit: If it is helpful at all, my perspective is that of a 50+ year-old cis baby bi/pan who enjoyed this film very much upon first viewing in the early naughties.