The term is so loaded with homophobia that's it practically useless.
There are communities where leftists can openly discuss leftist theory and (to a lesser extent) praxis without being permabanned for thought crime like most spaces.
I find that fun. I haven't had the opportunity to join a circle jerk, but it sounds fun to me. So, in that sense, the answer to your question is a tentative, horny yes.
This, unironically.
If your "circle jerks" involve discussing the nuances of history and political theory, that's just a discussion.
If your "circle jerks" involve spreading imperial lies and frothing at the mouth for genocide, that's a problem.
Unfortunately, it seems the latter is much more acceptable on the Internet overall.
This question only serves to enable mudslinging while hiding behind a homophobic term.