Words are not going to hurt anyone, actions will. Students (and all people) should absolutely be protected from harmful actions but we cannot stop discourse just because it sounds offensive to someone, no matter the subject.
Even the conservatives and alt-righters admin this, which is why they're so upset about people using politically correct language, even by their own free choice. "Happy Holidays" anyone?
I, for one, would find it pretty disadvantageous in my studies to attend classes at an institution that endorses (even silently) a viewpoint that questions my right to the pursuit of happiness, to marry who I want, to be the correct gender, or even to exist. Organizations can and do limit that speech in certain environments that they are responsible for.
That said, the first amendment is hugely important, but limited in scope in the consequences that it protects you from.
Of course, it _is_ important to not simply refuse to hear or allow speech that you disagree with. There is a balance to be struck there.
Who cares if I'm a minority or conservative? Who cares what speech I'm upset by? That's the point, being upset is not something we need to defend against.
Speech is speech, if you don't like it then ignore it. And yes, there are consequences. Most of the time it's the other side yelling back which is fine. Only when it turns into (harmful) action should be people be defended but until then it's paramount that anyone can say what they want.
I understand that only the government has protected speech. Private groups and institutions are free to invite or exclude at will and I support that as well, however public spaces and institutions should absolutely not be closed to anyone who wants to speak their mind and protecting people's feelings will never end well.
So I don't think it's quite as simple as protecting people's feelings over all else. Frankly, I even have mixed feelings and unease about the fact that I think limiting speech is warranted sometimes. But there it is.