From my experience a bit but not really.

I did meet a lot of gays and furries (VR Chat player) and I don't think they have any dog whistles. OwO does indeed helps them recognize people that don't hate them, but it isn't meant to be unregonizable by bigots.

It's more of a opposite, people saying OwO want to be obnoxious. Saying it is either a show that one doesn't mind being seen as gay/furry (and isn't necessarily), or straight up wants to annoy someone.