Yes, this implication of pronoun use is found in dialects of several central American countries:
Autores como Villegas (1963), Micheau (1991), Castro (2000) y la Real Academia Española (2005) han señalado que el tuteo en algunos países centroamericanos puede ser señal de pedantería o de homosexualidad si es entre hombres.
In parts of Colombia, Guatemala, and Costa Rica, men tend not to use tuteo with other men for fear of being viewed as effeminate or even homosexual (Pinkerton 1986; Simpson 2002; Villegas 1963).
In addition to Colombia,1 2 this phenomenon has been specifically studied in sociolects of Costa Rica,3 4 El Salvador,5 6 Guatemala8 etc.
Origin and sociolectal prevalence
The following paper analyses the occurrence of this phenomenon in Bogotá, Colombia from a socio-linguistic POV:
The use of tú and usted among men is a complex phenomenon. Many factors influence how, when and with whom they are used. Relative social position and due respect affect their use along all social spectra - including the pronouns' use by women. However, among men there is a strong difference in usage when divided by class. Middle and upper class men use tú freely among themselves, but working-class men face a prohibition in tú use, particularly when they wish to maintain the public guise of being heterosexual.
Among working-class men in Tolima, Colombia the words tú and usted are not only contextualization cues for social position and relation but also cue social sexual identity. Contrary to common opinion, sexuality is not a fixed state but a socially constructed identity that is managed through discourse and, in the case of working-class men from Tolima, the T-V distinction is a contextualization cue for sexual orientation. Hegemonic masculine heterosexuality, which is the norm among working-class men in Tolima, is expressed though opposition to perceived feminine and homosexual behavior. This study appears to indicate that the use of tú, while having no inherently feminine or homosexual qualities, is perceived as such by working-class men as they discursively construct their sexuality in opposition to short social distance and perceived intimacy among peers. As such, working-class heterosexual men in Tolima avoid the use of the pronoun tú in favor of the pronoun usted which contextualizes forced social distance among peers and a supposedly more masculine tone of speech.
1. Tú, Usted y la construcción de la heterosexualidad masculina en hombres jóvenes, de clase trabajadora en Tolima
2. ¿Tú o usted? Estigmatización del tuteo en Bogotá
3. Change and continuity in Costa Rican forms of address: tuteo, effeminacy and homosexuality
4. El pronombre "tú" en los grupos homosexual y heterosexual heredianos
5. Voseo to Tuteo Accommodation among Salvadorans in the United States
6. Perceptions of Second Person Singular Pronoun Use in San Salvador, El Salvador
7. Voseo To Tuteo Accommodation Among Two Salvadoran Communities In The United States