In reply to:

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If this song is about Bowie accepting his bisexuality, then why, during the Lets Dance era, did he so vehemently deny it?

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The answer might lie in these lines

"I'm standing in the wind
But I never wave bye-bye"

"I'm lying in the rain
But I never wave bye-bye"

He states one thing as fact "Im standing" "Im Lying" , but then he suggests he never made a big fuss about "wave" it or even ackowledged it publically and formally. "But I never wave bye bye". The "but" part contradicts the earlier statements of fact, "im standing", "im lying".

There is also a suggestion that he would like to have been able to publically acknowledge it, when he says "i never wave bye bye but i try i try", the reason why he cant acknowledge it? - "i catch a paper boy, but things dont really change".

To have publically ackowledged some things in that era, would probably not have been good for his image or career, and might have even had legal ramifications, pertaining to settlements he received from gossipy news sources who speculated on his bisexuality.

But you are right in one sense, when i said he was not being a fake, the above would indicate that at that time anyway, he was being one, at least in part.

Oh yeah and finally i would like to add that in the lines

"God and man - no confessions
God and man - no religion
God and man - dont believe in modern love"

God and Man is clearly presented as an alternative to organised religion, he is saying that he believes perhaps in a personal god, who knows Bowies heart and who is honoured by Bowie in turn - in a private way. God and Man emphasises his scorn for religion, which places a barrier between god and man. Ie instead of God and Man we would have God and Church and Man.