If it's illegal in the chosen jurisdiction(s), yes.

The question to this argument is particular is almost always "What constitutes hate speech?" Some people think it's literally anything that could make someone feel bad (whether it does or not). Some people think unless you are actively advocating for murder or genocide it's not. Most reasonable people are in the middle, but most reasonable people also disagree on whether or not putting a picture of a fat person online and making fun of it meets the standard.