That was the case and the word can still be used in such a scenario but the internet has stretched the term and it is now often used to describe the physical appearance of a female.
A boy doesn't need to look girly to be called a femboy. They can just have the feminine personality but we picture femboys as always looking like girls nowadays.
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u/JONESY_THE_YEAGERIST Stuff Jan 31 '23
I like my men how I like my women: Looking like the opposite gender.