Sure, but I don't think the prevailing argument here is that any offense no matter how small should be catered to.
To produce a silly hypothetical, how about if anti-vaxxers got really upset about the phrase "code injection"? Even though anti-vaxxers are a worryingly large subgroup who've managed to return us to the days when measles is a thing to worry about, I still think that general cultural perception is such that everyone would roll their eyes at this complaint.
Rather, for "master" and "slave" and "blacklist" and whatnot, it's that enough of a groundswell of awareness occurred in general society that a lot of people started to feel awkward about the use of a term. It's akin to how "negro" used to be a perfectly acceptable descriptive word, but if you used it in casual conversation now you'd get a negative reaction even though it's not the bad "n-word".
We can't separate the current drive to replace slavery-related terms from the last few years of events in America. There's been a lot of events which have driven home to people that, yes, Black people in America are still having a rough time -- and in America, that inexorably ties to the historical reality of slavery.
A lot of these replacements are symbolic, driven more by a desire to say "hey, we accept you! you are welcome in our community" than any severe offense at any particular term. But symbolic things matter in aggregate.