... No.

It's that of all extant (surviving) members of each generation, this percentage OF them identifies as queer. 3% of the silent generation means 97% of them don't.
4% of boomers means 96% of boomers don't.
7% of gen-x-ers means 93% of them don't.
16% of ~~doomers~~ millennials means 84% of millennials don't.
28% of zoomers means 73% of zoomers don't.
A whopping (97+96+93+84+73)= 443% of people are straight? No, that is not the case.

According to the US Census bureau as of 2022, The silent generation makes up 5.49% of the population (of whom 3% are LGBT). 3% of 5.49% = 0.16%
The boomers make up 20.58% of the population (of whom 4% are LGBT). 4% of 20.58% = 0.82%
Gen X makes up 19.61% of the population (of whom 7% are LGBT). 7% of 19.61% = 1.37%
Millennials make up 21.67% of the population (of whom 16% are LGBT). 16% of 21.67% = 3.47% Zoomers make up 20.88% of the population (of whom 28% are LGBT). 28% of 20.88% = 5.85%

The remaining 11.77% of the population are not represented on this graph and comprise the vanishingly small remains of the greatest generation and gen-α. If we were to assume that gen-α were 0% LGBT, that would mean 11.67% of the total population are LGBT. If 100% of gen-α were LGBT, that would mean 23.44% of the total population, which is equally unrealistic. Following the trends we see here, I would expect no more than 50% of the gen-α cohort would identify as LGBT, and more likely less. At most, the segment of the population at large who would identify as LGBT at present time is probably LESS than 17.56%

... but it'll be cool if it goes higher :3