One of the things about the folk process is that it acts as a filter. That which is adopted survives, and that which is not adopted fails to survive. After some thought it seems to me that the sole interest of this song lies in its attempt to cram as much "shocking" matter into a short space as possible. That may mean it is a prime candidate for non-survival. I wouldn't sing it, it just looks like a totally crap song, to me.

By way of contrast, "The good ship Venus" is widely thought to have literary merit.

Also by way of contrast, the BNP folk song - good song, some currently unacceptable content.

After some thought, and on the other hand, it seems to me that a historian must record not only that which seems great and good at the time of collection, but everything, because we cannot predict the future, and that which seems of no importance or merit now may turn out to be not only to be important, but acceptable and even meritorious in the future.