Almost a year late but here's the answers to your questions if you want them.
Yes the game seems to be set in high school for some reason no real info on what year or grade. There are a few lines of dialog that made me question why, when logically college would fit better but it was early on and not really mentioned again and is basically referenced as just "school" for the rest of the game. For kinks the game starts with some straight sex (really short scene), then moves on to the gay sex with some small crossdressing, then straight sex and solo male stuff, before going back to the gay stuff where it stays added with more crossdressing and cosplay, before ending with shemale/trans. For warnings I think the biggest would be the story is told from the traps perspective so when naming the characters if you are putting your own name be aware that if you put yours first you are gonna be the one getting railed and if you put yours second your doing the railing. The game also has no sound or music for 99% of the duration and the grammar goes downhill fast in the last third of the game.