Slang in one place may refer to something rather innocuous and that same term may refer to something entirely different in a different place or dialect. Also some terms can be endearing in one place and quite crude on another.
So, unless one represents an official standard, like a company or a government, censoring content is a bit of a wild goose chase.
Now, that's not to say I want to read crude or hateful content, as I find it a turnoff, but the alternative on balance seems worse. I'd say leave it to the indiv communities and their admins to establish norms rather than a site wide policy.
When I go to reddit or another community, I want civility within the subcommunity I'm interested in, if an alternative community wants to spring up with a free for all approach, so be it.