Absolutely, this is really serious. It is shocking to me in the US that UK courts are ruling context is irrelevant and someone's subjective feelings are all that matter. I've never attended a rally or protest, but I would go to this if able.
When it comes to free speech, "use it or lose it." To paraphrase Christopher Hitchens: "One has to suspect the motives of those who are determined to be offended." If you don't stand up and protest these encroachments on liberty, ever more will be lost.
AMEN