If I was to say "Hey Hyper, you're a <censored>!!!" would that be infractable?
By not 'starring' out the word you can't just count the letters, so it could mean literally anything. The missing word is totally to the readers discretion. Those who use colourful language will insert an offensive term, those who don't won't.
I suppose again this would come down to the moderators judgment.
Disclaimer: I'm not really looking for ways to push the boundaries, just curious should the situation arise.
I probably wouldn't infract for that, but it depends on the context. If the context gives it away as a swear I'd probably warn for it.
Likewise, with pictures/screenshots that contain swears, I'm usually ok with blacking them out but if the context makes it obvious then the context should be removed as well.