Here's how it works when subtitles are done properly:
Audio: Let's BEEP go!
Subtitle: Let's (censor tone) go!
Audio: Let's fucking go!
Subtitle: Let's fucking go!
Removing swears and slurs from the subtitles without removing it from the audio is implying that deaf/HoH people need babying, unlike their hearing friends and family sitting right next to them. Which is frustrating.
The point of subtitles is to give the same experience to everyone watching, regardless of ability—not to be a more palatable version of what's being said.