Im white so I dont know the rules, kind of not up for me to decide. I would not but Id defend anyone choosing to. I think your instincts are right, I think context matters but I think people staying keyed in is most important. If you feel your audience would be derailed by its use then maybe it doesnt make sense.

Id wonder what could be used in its place that would hit with the same power and derision? That would update it in a way. Perhaps an entirely new verse? Where your commentary can come in and how this song relates to the present?

If Bob can change stuff way back when and every artist before him and since could too, well then so can you.