We live in a time of extreme devaluation of terms. The Democratic Republic of Congo is a hardcore dictatorship. The People's Republic of China is run by a close circle of elites. Likewise, "Hate Speech" is used far too often to shut down fairly reasonable criticism against the "equal outcome, not equal opportunity" policies bundled together with original sin and Orwellian struggle sessions.

lemmy.ml does moderate content and does not allow hate speech. Once federation is implemented they said they will ban "free speech" instances.

I think that's a natural selection bias. Most people are either fine with reddit and therefore don't care about finding alternatives, or they aren't interested in what Reddit has to offer, in which case they ignore it. Even if they'd be open to an alternative that's better, spending a lot of time on a subreddit focused on alternatives, shopping through curated lists of them to try them all out is a pretty high investment of time and energy.

The kinds of people who are going to spend a lot of time doing that are likely to be people who like how reddit works a lot, but have an ax to grind against some aspect of it, and usually that aspect is moderation. Most normal people who interact inoffensively have very few interactions with moderators. It's only going to be controversial people who gravitate to that sort of thing, and any platform that's full of people who frequently court controversy is bound to fill up rather quickly with insane freaks.

So? Any platform free of censorship is going to have some speech you dislike.