You might not know it from the publicity campaign, but the latest big-screen project for breakout “Euphoria” actor and sex symbol Jacob Elordi is 100% a gay love story.

Alright, perhaps that’s not entirely accurate. “On Swift Horses” – adapted from the novel by Shannon Pufahl and directed by Daniel Minahan from a screenplay by Bryce Kass – actually splits its focus between two characters, the other of which is played by “Normal People” star Daisy Edgar-Jones; but since that story arc is centered around her own journey toward lesbian self-acceptance, it’s unequivocally a “Queer Movie” anyway.

Set in 1950s America, at the end of the Korean War, it’s an unmistakably allegorical saga that stems from the marriage between Muriel (Edgar-Jones) and Lee (Will Poulter), a newly discharged serviceman with dreams of building a new life in California. His plans for the future include his brother Julius (Elordi), a fellow war vet whose restlessly adventurous spirit sparks a kindred connection and friendship with his sister-in-law despite a nebulously strained dynamic with Lee. Though the newlyweds follow through with the plan, Julius opts out in favor of the thrill of a hustler’s life in Las Vegas, where his skills as a card shark gain him employment in a casino. Nevertheless, he and Muriel maintain their friendship through correspondence, as he meets and falls in love with co-worker Henry (Diego Calva) and struggles to embrace the sexual identity he has long kept secret. Meanwhile, Muriel embarks on a secret life of her own, amassing a secret fortune by gambling on horse races and exploring a parallel path of self-acceptance with her boldly butch new neighbor, Sandra (Sasha Calle), as Lee clings obliviously to his dreams of building a suburban family life in the golden era of all-American post-war prosperity.

Leisurely, pensive, and deeply infused with a sense of impossible yearning, it’s the kind of movie that might easily, on the surface, be viewed as a nostalgia-tinged romantic triangle – albeit one with a distinctively queer twist. While it certainly functions on that level, one can’t help but be aware of a larger scope, a metaphoric conceit in which its three central characters serve as representatives of three conflicting experiences of the mid-century “American Dream” that still looms large in our national identity. With steadfast, good-hearted Lee as an anchor, sold on a vision of creating a better life for himself and his family than the one he grew up with, and the divergent threads of unfulfilled longing that thwart his fantasy with their irresistible pull on the wife and brother with whom he hoped to share it, it becomes a clear commentary on the bitter reality behind a past that doesn’t quite gel with the rose-colored memories still fetishized in the imagination of so many Americans.

Fortunately, it counterbalances that candidly expressed disharmony with an empathetic perspective in which none of its characters is framed as an antagonist; rather, each of them are presented in a way with which we can readily identify, each following a still-unsatisfied longing that draws them all inexorably apart despite the bonds – tenuous but emotionally genuine – they have formed with each other. To put it in a more politically-centered way, the staunch-but-naive conformity of Lee, in all his patriarchal tunnel vision, does not make him a villainous oppressor any more than the repressed queerness of Muriel and Julius make them idealized champions of freedom; all of them are simply following an inner call, and each can be forgiven – if not entirely excused – for the missteps they take in response to it

That’s not to say that Minahan’s movie doesn’t play into a tried-and-true formula; there’s a kind of “stock character” familiarity around those in the orbit of the three main characters, leading to an inevitably trope-ish feel to their involvement – despite the finely layered performances of Calva and Calle, which elevate their roles as lovers to the film’s two queer explorers and allow them both to contribute their own emotional textures – and occasionally pulls the movie into the territory of melodrama.

Yet that larger-than-life treatment, far from cheapening “On Swift Horses,” is a big part of its stylish appeal. Unapologetically lush in its gloriously photographed recreation of saturated 1950s cinema (courtesy of Director of Photography Luc Montpellier), it takes us willingly into its dream landscape of mid-century America – be it through the golden suburbs of still-uncrowded Southern California or the neon-lit flash of high-rolling Las Vegas, or even the macabre (but historically accurate) depiction of nuclear-age thrill-seekers convening for a party in the Nevada desert to watch an atom bomb detonate just a few short miles away. It’s a world remembered by most of us now only through the memories and artifacts of a former generation, rendered with an artful blend of romance and irony, and inhabited by people in whom we can see ourselves reflected while marveling at their beauty and charisma.

As lovely as the movie is to look at, and as effective as it is in evoking the mix of idealism and disillusionment that defines the America of our grandparents for many of us at the start of the second quarter of the 21st century, it’s that last factor that gives Minahan’s film the true “Hollywood” touch. His camera lovingly embraces the beauty of his stars. Edgar-Jones burns with an intelligence and self-determination that underscores the feminist struggle of the era, and the director makes sure to capture the journey she charts with full commitment; Poulter, who could have come off as something of a dumb brute, is allowed to emphasize the character’s nobility over his emotional cluelessness; Calle is a fiery presence, and Minahan lets her burn in a way that feels radical even today; Calva is both alluring and compelling, providing an unexpected depth of emotion that the film embraces as a chord of hope.

But it is Elordi who emerges to truly light up the screen. Handsome, charismatic, and palpably self-confident, he’s an actor who frankly needs to do little more than walk into the scene to grab our attention – but here he is given, perhaps for the first time, the chance to reveal an even greater depth of sensitivity and truth, making his Julius into the film’s beating heart and undisputed star. It’s an authenticity he brings into his much-touted love scenes with Calva, lighting up a chemistry that is ultimately as joyously queer-affirming as they are steamy.

Which is why Sony Pictures’ promotions for the film – which avoid directly referencing the sexuality of its two main characters, instead hinting at “secret desires” and implying a romantic connection between Elordi and Edgar-Jones – feels not just like a miscalculation, but a slap in the face. Though it’s an eloquent, quietly insightful look back at American cultural history, it incorporates those observations into a wistful, bittersweet, but somehow impossibly hopeful story that emphasizes the validity of queer love.

That’s something to be celebrated, not buried – which makes “On Swift Horses” a sure bet for your must-see movie list.