I’m not an expert but I could definitely see an entomological connection between putto in Italian meaning castrated orphan if what the above poster says is true and puto in Spanish which is often a slur against gay men.
Well, puto in Spanish is the male form of puta, meaning hooker. There might still be an etymological connection with putto in Italian, but more likely via "putta" also meaning prostitute in Latin (putana in Italian).