That's the thing! It doesn't stop hate speech.
"I think we should eliminate all of (((those people)))." I didn't use the k-word, but everyone knows what the sentence means.
On the other hand, you can't post "tranny" or "bitch" but, bitch is contextual: it's definition is a female dog, but even in the context of "wow she's such a bitch" bitch is not a slur. "Tranny" is derogatory in the context when used against trans people, but it's also used quite often in mechanics to mean "transmission." There are so many different contexts in which these words aren't derogatory, and in some cases represent the power of people to reclaim what was previously a slur.
Banning certain words is incredibly short-sighted, and punishes everyone who uses the platform while not addressing the real issue: extreme right-wingers can still use it just fine, and have absolutely no problem coming up with new dog whistles in order to get around your elementary word filter.