I think you underestimate the power of the existing Hive community to moderate content.

Even if Hive gains 4 million new users from Parler, these new users will have little HP and if some of them post genuinely anti-semitic content then I and many others with plenty of HP will downvote it and them into being hidden on most Hive front ends.

Hive has free speech but it also has effective content moderation by the upvoting and downvoting system. Instead of one woke millenial working at Big tech deciding what is OK, the votes of large numbers of people who have invested in Hive decides what is great, good, OK, poor, Bad or beyond the pale.

People that really want to post anti-semitic content can create their own little community of haters with negative reputation that no one else on Hive has to see. They will earn no Hive from their content and if they want to create an anti-semite token on Hive engine it will likely have little or no value.