People, especially groups used to enjoying privilege, always mistake what “free speech” is. Free Speech is the right to be free from GOVERNMENT suppression of speech, not prevailing attitudes, not private companies and institutions and not public sentiment. Expressing racist, homophobic and sexist ideas in a private company that has employee guidelines that forbade expressing hurtful speech has just consequences.
Privileged people feel they are above repercussion because to admonish them encroaches on their sense of entitlement to privilege.
You're confusing free speech and first amendment. Free speech is an Enlightenment ideal much like the golden rule, i.e. "treat others the way you want to be treated". It's a good thing to strive for in a society, whether the first amendment exists or not.
Privileged people feel they are above repercussion because to admonish them encroaches on their sense of entitlement to privilege.