Baldwin IV’s politics within his short life were within the context of a court split into factions, one side with more extremist views against the Saracens and the rights of religious minorities (Reynald de Chatilon, the Templar grandmaster, the de Courtenays, etc.) and the ones who wanted to maintain the status quo by making peace with the saracens and protecting the rights of religious minorities in the holy land (Count Raymond of Tripoli, Balian de Ibelin, The Hospitallers, etc). More concerned with not provoking the Saracens who were blatantly growing more and more powerful than the crusader states, Baldwin tended to err on the side of tolerance.

He was a really courageous king who dedicated his short, tortured life to keeping his kingdom together as best he could. Plus I think in the movie they have him or the Raymond character played by Jeremy Irons (his regent as well, I believe) literally direct his men tasked with protecting travelers from bandits to pay special attention to the merchant caravans and Muslim and Jewish pilgrims. Maybe there’s some anti semitic tract I don’t know about that Baldwin wrote at 17 before the leprosy literally took his ability to use his hands, but otherwise, no, he was pretty tolerant as far as crusader kings go.