I don't like that phrase. Because it's extremely vague and implies that things other than physical violence could be a focus of suppression. Intolerant opinions and speech are not and should not be policed in any meaningful way. The free and open exchange of ideas is crucial to a free society. Even those that are "intolerant" or offensive.
And, after seeing what happened over the last couple of years, I wonder how far people these days would take "intolerance of the intolerant"? Can a person who is known to be "intolerant" be banned from a grocery store for no other reason than their opinions? Can they be banned from all grocery stores? Should they be? Should they be fired from their jobs? Should they be harassed whenever they leave their house?
There are way too many ways to abuse the notion that you should be "intolerant of the intolerant".