Thinking about whether El would "clock" Mike and Will made me realize that she's probably the first person in years to suggest that Will might have a crush on a girl. In fact, she seems to be the first to casually mention romance and Will in the same sentence since the Snow Ball.
In Hawkins, Will's sexuality has been a topic of discussion since Season 1, but only ever brought up by bullies (Joyce is quoting Lonnie - also a bully). We see how the party reacts when Troy says Will is in "fairyland." Later, especially in Season 3 when everyone becomes "girl-crazy," they likely suspect that Will might actually be gay. However, they seem to maintain a collective silence about it. They don't consciously believe what the bullies say, yet they also refrain from trying to involve Will with girls anymore. This is quite understandable - being so young and having no experience with such topics, they're navigating these issues in a small town in the 1980s. At that time, the word "gay" was primarily associated with shame, danger, and trauma, so they avoid the topic altogether, treating it like a minefield.
Then there's El, who doesn't know these unspoken rules, hasn't heard the rumors, and is genuinely curious about the possibility of Will liking a girl. Perhaps she's even excited about it because it represents a "normal" teenage experience. Meanwhile, Mike, reading this information in a letter, chooses to ignore it, not just because he feels subconscious jealousy and is worried about confronting uncomfortable truths about himself, but also because he has internalized the idea that discussing Will's feelings is essentially "taboo."
By Season 3, Will likely senses that this "rule" exists within the party, and when Mike says, "It's not my fault you don't like girls," it confirms Will's fears. This reinforces his feeling that he has no one with whom he can openly process his experiences. As a result, his only outlet for expressing some of his feelings is through coded art.
That's why the scene with Jonathan in Season 4 is so important. Will has internalized the belief that his personal life is "off-limits" in conversation, and Jonathan bringing it out of subtext in positive light for the first time is significant - even if the words are never actually said out loud. This is also why Will's friendship with Robin is so crucial. I'm really excited for their relationship to develop because they'll be able to be completely open with each other in a way that no one else can understand.
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