It depends on the college but for the most part i'd say yes. In comparison to high school (both staff as well as students) colleges are much more open to gays and lesbians. I don't think they are given special treatment though, yes they have their own club but there are so many college clubs its nothing unusual.
College institutions are driven mainly by obtaining funding. Following federal laws and ensuring a neutral stance on social issues leads to greater attendance at their college, which leads to increased funding. From a financial perspective, it would not make good business sense for a college to discriminate. The more a college treats people with equality, the greater their chance of making money.
College students come from all shapes and sizes no matter what your sexuality is. Many college students get a chance to go to college and express themselves in order to find out who they are. So the atmosphere of colleges are so much different than the real or even the corporate world.
Many of our college campuses are acceptably quite liberal in their orientation and accept all sorts of diverse population. It is the one place where gays and lesbians can feel free to be themselves and to meet and to discuss ideas and change. So most college campuses, excluding those that are fundamentalist in religious orientation, do treat them equally.
Yes, colleges treat gays and lesbians with equality, because they bend over backwards to make them feel welcome on campus. Colleges allow them to start clubs that are paid for by the student federation. They are allowed to stage demonstrations on campus. They are welcomed and given special privileges in the college.