The comedian's got a new stand-up special on Netflix, and right off the bat ... he starts making jokes about DB falling from grace after going on a homophobic rant, which Dave notes might've been more of a cardinal sin than actually ending someone's life.

Of course, he's talking about a legal case DaBaby was wrapped up in some years ago -- when cops say he was involved in a fatal shooting at a Walmart in North Carolina ... something DB himself has said was done in self-defense, and for which he skated.

Watch what Dave's going for here ... he's suggesting that pissing off the gay community these days is a way bigger deal -- and could end your career faster -- than actually killing.

It's all tongue-in-cheek, of course, but DC's making a point he seems to believe ... that what DaBaby did wasn't really that big a deal -- considering his overall history. Some might agree, but others certainly don't -- as what DaBaby said at Rolling Loud was, in fact, awful.

Dave acknowledges that as well ... saying that the guy even crossed a line for him personally -- seeing how Dave says he often makes cracks at the expense of the LGBT crowd. But, in (his) perspective, Dave believes something's amiss by the severe fallout DB has faced.