You're correct about the mechanism through which that could happen — if the Supreme Court decided it so, they could certainly narrow the first amendment protect

You're correct about the mechanism through which that could happen — if the Supreme Court decided it so, they could certainly narrow the first amendment protections for hate speech. But it's incredibly unlikely that would happen any time soon, as it would be in contradiction of many many years of free speech jurisprudence — not an expert but Brandenburg v. Ohio seems to get brought up a lot in this context.