In my opinion—the context of the kiss does matter. It would be very hard to view this kiss as meaning anything beyond how it was meant to be viewed. The kiss itself was not on the lips—but on the corner of the mouth—which removes any sexual overtone. It is an emotional display of affection. In this case, for a dying friend— In a silent film— In which exaggerated emotional expression is de rigueur. To see this as somehow more than it is meant to portray . . . Is a bit of a stretch.
As Gary Couzens writes in his review of the movie: "It is not hard to read
. . . as a coded tragic gay love story, and you can do the same with Wings, though how much this is intended, and how much 1927's audience would have picked up on it, is open to conjecture."
I think—those that want to find something . . . will. But they very well may not be correct in their interpretation.