Well, it certainly can
be a metaphor for the struggle many in the LGBT community go through. And I think it works very well - very powerfully - as that. And for all I know that was the intent. It makes sense that there would be an awareness by the filmmakers that it would be interpreted that way (are there any interviews with the writers/director that touch on the subject?). But I agree with Peach Wookie
that Elsa's self-discovery and self-acceptance is more universal and can apply to anyone who has felt as though they've had to hide their true self for fear of being an outcast. Heck, it works even on the level of a child going through adolescence and rebelling against the wishes and expectations of parents. I think that's to the credit of the film, too - it becomes this mirror for the audience, allowing many different people to identify with Elsa's conflicts - internal and external.