You’re right on the context part but op is far off cause comparing the rword to the nword is a no way fair comparison because that’s the same as saying that slurs targeted towards blacks an jews are the only ‘severe/serious’ slurs there is because it’s history, which is not true at all. Many and a large amount of slurs are relatively new and do not have such a damaging history of hate and such, like the fslur which is less than 30 years old and yet is widely considered a pretty serious slur.
Basically just saying op is dumb, serverity only depends on context of use. Exactly why the people who the slur is targeted towards will claim it into their language/vocabulary