Originally from a comment on The House of Vines, but one I think truly deserves its own post from me, with some minor revisions:
For Eros, there really is no difference between Creation, Procreation, and Life, only nuances of definition. So yes, to deny the gods a sort of sexuality is to deny Them a thirst for life. After all, Hestia (in the mythos) only chose a chaste life because of so many proposals from others gods and, not wanting to disappoint anybody, chose no husband. It may be said that even these chaste goddesses are still so filled with a life essence that your typical mortals simply cannot comprehend it in the same way.
As a species, human beings need to engage in sexual reproduction for the survival of the species. The Deathless Ones don’t need that, so reproduction means something different to Them, it is a unity of force and a spreading of life rather than continuation. The chaste among the Deathless are still possessing of a great life essence, but one which I feel those who’ve taken a vow of free love or child-free may understand slightly better than those married and with many children, but only those who have chosen a chaste and celibate life have the potential to understand best.