The first example of LGBT characters is a pair of super flamboyant and stereotypical Japanese men. There are two quick scenes during the game where they try to "kidnap" Ryuji, and neither of these scenes can be skipped through your actions. However, for the remainder of the game, they are environmental NPC characters where you can listen in on what they're talking about, but you don't have to.
The second example is a "Mama-san" that runs a bar in part of the city, who is basically a man in drag. While she does have a few "exaggerated" qualities to her, I found her to be a fun character, and rather in line to similar people I've met in real life in Japan. You'll need to interact with her if you want to work at one of the game's part-time jobs, or level up one of the Confidants.
So, in the end, I think part of the duo's portrayal makes things worse than it was in P4, but overall it's far less in your face than things were in P4especially given, in that game, two major characters brought up these kinds of issues.