In general, it's important to note that the separate between speech and action isn't as clear cut as you assert, especially speech made in a public forum. Speech affects others, and words can be used to cause others pain or discomfort. Speech has direct consequences on others just like any action, and this must be considered. Which isn't to say that speech doesn't deserve broad protections, of course.
That seems to me a reasonable middle ground between on the one hand doing nothing, which I agree would be a highly questionable decision even from the purely cynical perspective that anyone accepted to Harvard may reasonably be expected not to violate the eleventh commandment in such damnfool fashion and if they don't already know that then they better get on learning - and, on the other hand, rescinding these prospective students' acceptance, with the concomitant potentially very significant impairment of their lifelong prospects, on the basis of they posted some tasteless images to a private Facebook group.