It sure is (as for example, highlighting, insulting and mocking absurd religious beliefs), fully on your page there.
That is also the consensus in Germany, and consequently that particular paragraph of the penal code is scheduled to be deleted by 2018. That's one reason I'm not worried about it.
Another is this: Reporters Without Borders has consistently rated Germany in the top 20 in its Press Freedom Index over the last decades, indeed better than, say, Thailand (at 142), the USA (at 43), or the UK (at 40). US-based Freedom House in their "Freedom of the Press" report rates Germany at 25, US at 33, and UK at 39.