I would say it's the same as with other derogatory words, it depend on who is using it and in what context.

For example the "n-word" is (by some) used in colloquial conversation between African-Americans, but would be considered derogatory used by a white person.

And when in doubt, don't use possibly derogatory words, better safe than sorry.

I would say it's the same as with other (possibly) derogatory words, it depend on who is using it and in what context. It also depends on intent, if you say, "you #¤%¤ing <possibly derogatory word>" then that word is probably used with an intention of being derogatory.

For example the "n-word" is (by some) used in colloquial conversation between African-Americans, but would be considered derogatory used by a white person.

And when in doubt, don't use possibly derogatory words, better safe than sorry.