So I do think this stuff is interesting, and I think there are a few things to note.
Izzy's comfort with Ed's retirement. Izzy is completely fine with Ed killing Stede and taking his identity (effectively erasing Blackbeard from existence and no longer being with Izzy in any capacity) as long as he had the hope of being a captain of his own ship. His anger with Ed stems in part from that "promise" being taken from him, and it evolves when he proves that he's incapable of effectively leading (while Ed commands with just his presence on board). Izzy has no problem with Ed not being there. Something to consider re: jealousy and them as a romantic couple.
Piracy itself does not value emotional attachment, especially between men. Gay sex is fine - all sex is fine - as long as it's purely carnal. Izzy's fury at Ed is not about him wanting to fuck Stede, but him loving Stede and showing that love in a way that is not properly masculine. Ed crying and singing bad songs is not the way that Izzy wants Blackbeard to react to heartbreak, and it infuriates him that Ed's softness exists at all (hence: namby-pamby).
Where do you see Ed's internalized homophobia? (Genuine question!)