I have a question about the Spanish-speaking world. Are identity labels different there?

I know enough Spanish to mostly decipher newspaper articles, but I have never immersed myself in the culture and don't understand Spanish idioms or spoken Spanish at all.

My French is very good, though — good enough to have at least some appreciation of how identity labels work for sexuality. Unlike in the Anglosphere, "homosexual" is a common and respectful term in most of the Francophonie. Gay is used, but it's much more slang, really, than it is in English. Much of the English-speaking queer world has rejected the word homosexual because of its clinical, pathologizing history. The French speaking world has taken a different tack, receiving "homosexual" as the formal term, and therefore inherently respectful. (That's the French relationship with formal language for you!)

How does that work in Spanish? Is it similar?