Wong Foo probably didn't really help Swayze going forward, but he was on a three movie run of disappointments as a major character before filming Wong Foo.
He did three straight movies branching out from his comfort zone with his audience (now trying Oscar bait movie, tall tale fantasy Western and a non-romantic comedy) and Wong Foo was like an even bigger departure that just continued the downslide. By the time he did Black Dog a couple movies later and after a break, and returned to an action role, it was kind of too late. The same budgets and directors weren't there and he was already starting to look middle aged since the last time out.
Which is too bad, because Point Break was itself something of a bold move, playing a villain with a different look. It had the potential to be off putting like Travolta in Battlefield Earth or super tacky but he hit it out of the park. But that was the last time he was on top of the mountain.
