Entirely about context, as swearing should be. Adjusting language to suit various social contexts is perfectly natural, we all do it.
Completely comfortable with my own assumption my kids give as good as the rest on the playground, but they have been brought up to know when it is and isn’t ok. It’s a respect thing primarily, swearing is perfectly fine when used in the correct context with the right audience.
I back onto a high school field, working from home, the language from girls and boys (say 12 upwards) truly shocked me when I first moved in (and I was shocked that I was shocked!), I very nearly complained about it, but now just accept it, they probably don’t even realise residents can hear them.
However, they also swear a great deal during PE lessons with teachers present. I don’t think that’s acceptable and teaches nothing about how and when to adjust you’re language/behaviour. Which I feel in turn reinforces a general lack of respect/consideration of others.
We have had the odd slip up at home, but it just gets laughed off, we all know we all swear, but no need for it in the home.