This is why we need to repeal and replace the First Amendment with an amendment that guarantees freedom of expression within the bounds of civilized discourse (e.g., open Nazism=crime) and severely punishes government officials who use their power to stifle such expression. The First Amendment, as written, protects speech that oughtn't be protected, and fails to protect speech that ought to be protected, hence the current situation with the Washington Post being cowed into withdrawing their endorsement by the threat of a vindictive Trump.
Countries with no First Amendment, where hate speech is in fact criminalized, routinely score higher on international free-speech indices than the USA because in the USA the government, especially the Republican Party, has the means and the will to intimidate the press into silence or capitulation.
We need to do no such thing. All speech, even speech which is vile, must be equally protected under the law or else the protections are meaningless. In your preferred policy regime, it's entirely too easy for the people in charge of government to declare "this is outside the bounds of civilized discourse" about perfectly legitimate speech which they don't like. History has shown us, time and time and time again, that this will happen once you give people the power to censor. It may take 5 years or 100, but it is inevitable. I'm not willing to open that door, and if the price is that I have to deal with some jerks who are Nazis, I call that a bargain.
I generally align with your viewpoint here. I do think what we need are better ways to regulate the way free speech flows in a constantly online world. That's hand wavy and non-specific, I know, but one example might be some regulation around algorithmic outcomes re: echo chambers. Though, I did recently come across a paper that strongly suggested such regulation was futile. In any case, for the betterment of society, we need some creative solution to combat the fact that technology has given us the means for propaganda to spread effortlessly and without consequence for those behind the grift.
Countries with no First Amendment, where hate speech is in fact criminalized, routinely score higher on international free-speech indices than the USA because in the USA the government, especially the Republican Party, has the means and the will to intimidate the press into silence or capitulation.