I get the idea behind banning hate speech, but it gets really tricky when you try to think how to define and enforce it. Everyone agrees you need to be able to criticize groups that you don't like, so what makes it cross the line to hate speech (besides calls to violence, which would fall under the 'threats' category anyway)?
The worry is always that if you carve out an exception to free speech to protect vulnerable groups from harassment, how do you stop a future government from expanding those groups to include their political allies?
But what about similar speech against powerful groups, like billionaires? Well, they're not vulnerable or marginalised, they already have a disproportionally large voice, so they're not easily silenced. And of course being a billionaire is a choice; they can abdicate from their wealth in a way people can't do from their gender or ethnic group. So it's not the same. That said, calls for violence against them might still count as hate speech or be considered specific enough to count as threats.
There is obviously some fuzziness, but there also is with other limits to free speech, and there are courts to ultimately adjudicate that.
My worry is that I can easily see an administration like the current US one claiming that MAGA Americans are the most vulnerable in the country, and they need to be protected.
But things like criticising governments, questioning political or economic paradigms, or just making fun of powerful people, should always be legal and protected.