Though it's not explicitly stated in the guidelines (the guidelines would be long indeed if they had to state every pathology that emerges on an Internet message board), it's abundantly clear from the "informal moderation log" (the feed of comments from 'dang) that overt appeals to racial, national, or religious superiority are against the site rules. People are routinely banned for this stuff.
It's also just pretty clear that the community on the site has much less patience for racism and misogyny than the rap it gets on Twitter (which is an objectively worse site, for whatever that's worth). The real reason monitoring for white nationalism got boring is that practically every comment I'd catch would get modded down and flagged. I used to report things to Dan when I saw them, but I was batting less than .200 on reporting things that weren't flagged by the time Dan saw them.
What's problematic about evaluating the site --- and you don't have this problem, because you're a regular, but lots of other people do --- is it can be extraordinarily bad if you snapshot it at the wrong time. Anyone can join! Without a credit card or a phone number! They can post whatever nonsense they want! You have to watch the site in action over the course of hours to see what the community actually thinks about something. That's plenty of time to make an effective Orange Site Dunk on Twitter.
I don't believe the status quo is really acceptable, and there must be room to improve it. But it's better than a lot of people think it is.