no the term doesnt bother me in the least.
"its pritty dameaning but i think its used more by the ''punks'' or ''gangsters'' then everyday people"
everone keeps saying this, IME I have to disagree.
"strapped" "holding" "heated" are the far more common are terms your most likley going to hear in that social circle.
I dont think ive heard that one in a long time with relation to "underworld" types at least where Im from.
Its going to be more along the lines of "yo homie, you holding the burner"?? or "sup *igga you strapped up/heated" ect ect ect