The second verse of "Hercules" contains the lines:
"Ooh well I like women and I like wine
And I've always liked it that way."
That was indeed the case at that time and for some time later when in spite of music industry whispers provoked by his own at times candid comments about his sexuality, Elton married the German sound engineer Renata Blauel. They divorced four years later when Elton decided that neither the lovely Renata, nor any woman, was for him.
Confirmation of the actual inspiration for the song was given by Elton himself when prior to a live performance at Sydney, Australia in 1984 - the year he married Renata - he told the audience that it was indeed about his middle name.