On the topic of gay hobbits, whist I think interpreting Sam and Frodo as in love with each other is a valid interpretation of the text, it is very much an interpretation shaped by our modern perspective, and I don't think it's the take Tolkien was trying for when he wrote them.
Rather, I think their relationship is an idealised and romanticised version of the master-servant relationship. They are the only people that they can show vulnerability to each other—Frodo can't show vulnerability to his peers because he is the landed gentry and has to put up a front of quiet English dignity, and Sam is a working class bloke who is never expected to display emotions at all. But they are around each other constantly, as their relationship as master and servant push them into a position of emotional intimacy and vulnerability. They are free to be who they are around each other, because their roles in society free them from each others judgement, and from this emotional intimacy blooms trust, understanding... and love.
But Tolkien leaves the type of love undefined—in modern english, love is a very broad term with multiple meanings. I love my parents, I love my friends, I love myself, I love this quest. Despite using the same word, the way I actually feel is slightly different. The ancient greeks had different words for this—Agape and Eros and Storge and so on, categorising love based on the relationship of the people involved.
So, do Frodo and Sam love each other? Yes, I think it's clear that they do. Are they in love, and romantically entangled? That, I feel, is up to the reader.