No it doesn’t. It means you’ve said a word, which could be for any number of malicious or non-malicious reasons.

Why does saying “fag” not elicit the same level of repulsion in people? Homosexuals have been treated awfully throughout history, but for some reason it doesn’t hit as hard for people. You could say the same for “kike” or any other number of offensive terms linked to a people who have been targeted throughout history and even today.

A good example is that I was able to write out the two offensive terms mentioned above - no euphemism required, but from what I’ve experienced writing the dreaded “n” word in any context means your comment is auto-dead.