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everything you need to know.
and you can make a male character homosexual, but they cannot sexually interact with each other. only straight and lesbian sex.
and about that time system. you can speed up the interaction of characters you dont play at the time by adjusting their personality to be more likely to initiate interaction on their own. or you just stay ingame for a long time since only your actions progresses the ingame time, but the other characters can still interact with each other limitless.
i recommend reading this stuff about character creation, to alter the gameplay to your tastes.
for example, if you dont want characters to get killed, dont create "evil" ones.
if you want to be able to have sex anywhere, they have to be lewd enough, etc.
character with high virtue (or was is something else) will always fight for morals and cockblock you anywhere... so its pretty interesting to create a whole class i think. but i cought myself spending more time with creating and balancing personalities and watching them develop rather than actually playing the game.
i tried to create several groups of people who hate each other and become friends with certain ones without me playing them to achieve this. quite difficult. best thing to create hate is getting cought while having sex with a person the other person likes. :S
but my class was ever so peaceful and noone wanted to fight each other. the irony! ... in reallife its never gonna work. but when you really try to simulate this everyone is just nice and calm and everybody befriends everyone and everything is like a flowerworld of love >_<
... and the character you're playing right now cannot be killed afaik. so you will surely survive the "yandere academy" they're more likely to kill each other.
... and it is quite interesting to play a character for a while, then switch to another and just stalk the former one

... (one time my former character got killed instantly)