No. In 'A Separate Peace', the relationship between the characters is centered around the normal camaraderie and rivalries that exist in a school setting. There are no elements in the story that suggest it is a gay story. It is more about the psychological and emotional growth of the boys within the context of the school and the war that looms over them.
The 'A Separate Peace' novel can be seen as touching on gay themes to some extent. But it's not the main focus; rather, it's part of the broader exploration of human connections and personal growth within the story.
It depends on your perspective. While not a traditional love story, there are deep emotional bonds and complex feelings that could be seen as forms of love.
People might think it could be a gay story because of the extremely close bond between the main characters. Their relationship is so intimate in terms of emotional sharing and mutual influence that some could jump to the conclusion that it has gay undertones. However, this is a misreading of the complex, non - sexual friendship presented in the novel.