To an extent, yes. Otherwise it would still be acceptable for people to go round calling them p***s.
People cry about policing language, well what exactly do you think precipitated the change to becoming society in which it isn’t acceptable to call people poofs, coons and p***s?
Policing is such a loaded term anyway. Your freedom of speech isn’t being violated, as far as I’m aware nobody is calling for anyone to be punished for joining in this joke. I haven’t even seen people being branded as awful racists either, nearly all comment I have read totally acknowledges that no offence is intended and that there isn’t malice behind it, but that that doesn’t mean it isn’t offensive or wrong.