A word isn’t racist depending upon who uses it. That’s a flaw in the law, a flaw based on fear, which means coercion through the application of fear, which means terror tactics used to achieve an end or to support an agenda, which equals terrorism.
Making a claim that only certain types of people can say a word, while others cannot, is an act of prejudice and discrimination. If it’s based on race, then it’s racist. If it’s based on gender, then it’s sexist.
If you threaten somebody with harm to their person or career, who uses a word that you use, you’re the one committing the hate crime, not the other way around.
Currently to be called a hate crime an individual must say a word that others are allowed to say. That’s the flaw in the law. Flaws are always prejudicial and discriminatory.