German law has a very specific definition of what material is targeted, and "hate speech" is an inadequate translation. Only public speech that incites violence against religious, political groups or sexual orientations and the like, will be targeted by this.
NOT general critique of religions, nor of political standpoints or anything of the sort. Only public speech that incites to violence.
You are utterly wrong in your scaremongering, and this is NOT the "end of free speech on German social media".