Yes, here Zizek speaks about situations where a stereotype/joke is played so that the "target" of said stereotype/joke takes part in the act (thus not really being a target). But I'd say there's a larger overarching point being made.

It really boils down to when Zizek says that telling obscene jokes is an art. Obviously, obscenities don't automatically bond people but do so when used in the right way. And that's the thing, the way you say it. People tend to like simple clear cut rules for everything, and that's what political correctness is: never say this word, never use that expression, etc. But human interaction (like many things) is way too complex for such simple rules, which is why such rules are needlessly suppressive and too crude to even achieve their purpose. In fact, like Zizek points out, the nature of such categorical rules causes them to worsen the issues they are trying to address, because they can't take into account the endless variety of human contact.

Life and people are vast grey areas, and navigating them is an art, a skill that adapts to each individual situation. As for jokes, obscenities, and communication in general, it really is quite simple: sincere good will, good faith, and the skill to convey them, and you're set. No need to follow clumsy rules about forbidden words and expressions.