Words have meaning. Words have power. This much is not in debate, as far as I'm concerned (so far). Where I have to take pause is taking
one usage (however derogatory) of a word and applying to every meaning and usage regardless of what the context actually is as some manifestation of virtue signalling. At this point we may as well throw out language, diction and rhetoric entirely as any word and phrase can be twisted to be offensive even when a word is used entirely and wholly in accurate and proper context.
People with receding hairline are not marginalized by society
You're obviously not aware with how common male baldness jokes are in sitcoms and entertainment, are you? I encourage you watch a few episodes of Seinfeld to see how much influence hair and baldness has on men and their self esteem in the dating world.
They might not be marginalized, but then again I guess it depends on how one is using the word 'marginalized' to begin with, which brings us back to square one: turnabout is a bitch.