Being tolerant of something essentially means you put up with it. it doesnt mean you accept it. I'm more offended by people who say they tolerate gay people than those who are openly homophobic.
To be fair you (one) can't really expect every hetero person to 'embrace' the fact that some people are gay, I don't see how tolerating can be seen as worse than open homophobia. There should be some appreciation of how far we have come since, say the 70s. In the days of Oscar Wilde or Quentin Crisp 'tolerating' would have been thought very welcome.
I just mean that personally if someone was openly homophobic to me at least I would know where I stand with them. But to be told my sexuality is tolerated by someone would leave me wondering what they really think.