It depends on what is the offending part, but in general, no!
I already can't stand that some older animation from the likes of a Tex Avery for instance have been cut down to cut out things that are considered racist these days. Magical Maestro, Uncle Tom's Cabana... They are considered art. It's as if somebody would come with a tee to cover up the Venus from Milo, or paint a black bar over Adams crotch in the Sistine Chapel.
However, something that was made purely as a propaganda or a hitpiece or for disinformation, then yeah. I would still keep them accessible on demand and store them in the best possible storage due to their potential historical value, but basically annotated with the problems pointed out.
The Nintendo eShop rating Thread: http://gamrconnect.vgchartz.com/thread.php?id=237454
The Steam/GOG key gifting thread: https://gamrconnect.vgchartz.com/thread/242024/the-steamgog-key-gifting-thread/1/