It is the original lyric. End of.
Of course if you or anybody finds it 'offensive' ..... turn it off. One of my best friends was gay, loved it and sang the line out loud with pride.... Too many offended on behalf of others...
So?
The originality/artistic argument goes out of the window when the original artist endorses the change. They re-recorded it without the word, the BBC is using a version which uses a line from a live performance.
The "just turn it off" argument doesn't work. You and the other fighting for homophobic slurs to be broadcast on national radio are in the minority - you can turn it off if you're upset that's not considered acceptable language anymore, or you can just sing your homophobic slur over it.
Radio edited versions of songs with swearwords removed play every single day, so the bullshit censorship argument doesn't hold weight either.