It is a camp fest, and a satire of the SF horror genre, but if it has any deeper meaning, it is as a paean to schlock SF movies and the way a young person could use them to explore the unknown land of sexuality and identity.
In a world where conformity is often celebrated, The Rocky Horror Picture Show is a breath of fresh air. It celebrates those who are different, and it does so in a way that is both humorous and empowering. It also doesn't shy away from its homosexual subtext, and it actually embraces it.