The Big Bad is a crazy homophobe who actively focuses his efforts into killing George and Ted while practically ignoring Alice and Bob.
Being gay in real life, has been and still is often prone to its downsides due to the prejudice from other social groups. In most countries you can't get married if you're gay or have children in a same sex relationship, and in many places, homosexuality itself is still illegal. Also, you might have trouble being accepted by your peers, your family, or your religious group. The author uses this trope as he/she is gay and is using this trope as a metaphor for how society makes life harder for being due to their orientation and reflects the hardships he/she has been through.
Alice dies and Bob is miserable, but Ted and George go on with life.
Bob dies and Alice is miserable, but Ted and George go on with life.
...Sadly, George only lives long enough to die from his injuries later in a hospital.
As George goes to inform his same-sex love interest he's okay it turns out the love interest died of something totally unrelated to the rest of the story.
Parodied: Alice, Bob, Ted, George, and Stella all go fight the big bad. Ted and George die immediately, and Alice, who is pretending to be Stella's girlfriend so she can repel another girlfriend, is killed too. This makes Bob, Alice's real boyfriend, complain. Somehow Alice is magically revived, while Stella remains dead.
Deconstructed: George considers himself an inferior person as a gay man, due to his conflicted religious views and sexuality. This leads him to care less about his own life and take too much risk in a battle, leading to his death.
Reconstructed: This leads Ted, who also considered himself an inferior person, to to come to terms with his sexuality and persevere.
Played For Drama: Ted, George, Alice, and Bob all fight the Big Bad. During the dramatic climax scene, Alice and Bob manage to escape. However, Ted and George are left behind, and die so horribly that no one is gay ever again.