Given that I sing this song from time to time, the lyrics, unaltered, are acceptable to me. I may or may not give a warning first, and I would consider doing this before singing any song with words or meanings that come from an earlier period.
Many folk songs offend a small portion of the audience. They usually keep quiet about it, but let their feelings known by the expression on their faces. It is often impossible to predict what they might object to. Sometimes it is the fact that the song is sung too frequently! Vulgarity in a song is a good case in point, whilst many are rolling in the aisles, others are looking grim and furious. My point is that you cannot please everyone, and, therefore, you might as well sing what you enjoy.