I've heard of this in variant forms, primarily about plain old-fashioned homosexuality specifically. Since then, I've spent some time thinking about it. And there may be a logic to it. But when we bring in the Plan of Salvation into it, the picture changes quite a bit.
Scientifically, naturally, according to man's understanding:
It is possible that nature has some mechanism that says that the available elements, nutrients, resources, etc. can only successfully sustain evolutionary natural selection trends to a certain point. After that point, some nutrient deficiency will trigger a trend of increased non-heterosexual behavior. Perhaps, a look at all the nutrients required for human biology have a limiting element that specifically effects heterosexual tendencies.
It's within the realm of reasonableness.
Counterpoint:
If we believe only in man's science as described above, then it stands to reason that non-heterosexual individuals are specifically NOT supposed to reproduce. They are specifically NOT supposed to raise/rear children. Nature itself is demanding that this be the case.
So, why would we allow these individuals to propagate the species? Their argument completely falls apart on their own terms.
Yet, trans men are being placed in jail cells with biological women and impregnating them. Gay couples are being allowed to adopt and use surrogates to make babies just so they can be raised by homosexual couples?
Consider the Plan of Salvation:
The Lord has told us:
Multiply & replenish the earth.
There is enough and to spare.
If these are both true, then the theory should not be used to justify non-heterosexual behavior.
Either way, homosexual propagation, raising, or rearing is not justified.