"Defederation should be a nuclear weapon saved for (*) unmoderated servers."
Appeasement / quasi-neutrality is no strategy.
In the specific case of #hate speach: Recall history and in this context the lesson is crystal clear:
Neville Chamberlain enabled Germany via the “Munich Agreement” Millions died because of such cowardice.
IMHO - Any tolerance of intolerance is nothing less than enablement. Ask Neville.