Yes, but it's meaning is "same." If "homophobia" were an entirely Greek construct it would mean fear of the same. Which I suppose is a theoretically possible fear to have, but not one that lends itself to demonization.
It kind of loses it's sting if you approach the word as "fear of homos." It sounds like a laughably uneducated schoolyard taunt. It could be worse I suppose, someone could have insinuated my opposition to one policy or another indicated I was a self-hating homosexual.