As a member of the 'entire LGBTQ+ community', we're not monolithic, or even close to it. SO is the first mainstream website (at least in the circles I run in) that has even attempted this kind of thing.
I'm willing to cut them a little slack as they navigate a topic which has been incredibly fraught.
However, if you're looking at it from a policy perspective, rolling back the CoC or not can be viewed as a signal, which every person is free to interpret as they wish. This is probably going to be dependent on whether you like the changes or not (some LGBTQ+ people have spoken up and said that the changes to the CoC are actually harmful). My interpretation: rolling back the CoC signals that SO wants to go back to a point when the mods were happier, work things out with the mods from there (there are several other complaints the mods have), and that the LGBTQ+ issues take a backseat. Not rolling things back signals that SO wants the LGBTQ+ community to feel valued and included, but tells the mods that their complaints won't be dealt with the way that they want. I don't think it's possible for SO to send the message that everyone is valued equally- even if they say it their actions won't reflect it.
that's why it explodes