[twentythree]

I'm sorry I can't find a link to the study right now (I'll add a link if I find it), but one of the most fascinating lectures in my college linguistics class was about swear words, and this exact question. The lecturer claimed that hearing or seeing a swear word has a physiological effect on most people, not unlike being slapped in the face. However, when you replace the text with asterisks or beep it out, the effect is diminished, even if the audience knows exactly what's being replaced.

In that context, it makes sense to avoid using swear words in more professional settings if you want to avoid giving the audience the associated emotional reaction; it's distracting at best and offensive at worst, and it's easier just to find another way to communicate which word was meant.