In general yes, I agree with this outlook because everyone's interpretation is going to be colored by their own experiences, thoughts, feelings, etcetera and that is one of the really magical things about music: it can be used as a lens to process other things.
That being said, the majority of this song is not so subtly about sex. The intersection of sexual liberation and racial identity are important, and Bey has definitely been vocal about that in her music and elsewhere, but I think trying to draw overly literal connections to lynchings and sundown towns here in particular kinda misses the forest for the trees. Tyrant does feel like a conversation about power in sexual politics, but more on an intrapersonal level kinda like how @BGKC elaborated.