Sorry, I didn't mean to imply that rolling back to the old CoC would make every LGBTQ+ person feel unvalued. Everyone, regardless of community membership or not (you can probably tell that I'm struggling for appropriate language here), has differing levels of sensitivity to any issue. Some people are glad when others make an effort to do the right thing, others won't be pleased unless their individual needs are met 100%, and some are angry that society is moving in one direction and they can't be openly bigoted anymore.

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.