I get what you're saying. The problem is that I cannot stand ironic (or otherwise) racists comments on 4chan, so reading it like that wouldn't be a saving grace for Lovecraft. I actually find 4chan more grating.
I appreciate Lovecraft, especially for the influence it had on other writers, on comics, tabletop and video games; and some of this stories are pretty good (e.g. The Color Out of Space, The Outsider). But it's really hard to swallow his racism and xenophobia, especially since as mentioned by others, it cannot simply be excused by saying he was "a man of his time". He was xenophobic even for his time.
I guess you have to have the right outlook for it. An ironic comment is (supposed to be) funny because it makes you think "haha, what if someone actually said that?" In Lovecraft's case there's no irony to it, so I think it helps to try to empathize with him. Why is he like this? He's not just some monster that hates/fears people for no reason. There must be a reason, and it's probably either his upbringing or his lifestyle. At that point, at least for me, it can no longer evoke disgust, and it just causes either pity or laughter, like listening to a flat-earther.
If someone is racist, would you rather they harbor those opinions in secret, or for them to voice them proudly? Consider for your answer that in either case those opinions will affect their decision-making.
In general I'd rather they fester away in secret, with the knowledge that if they were to air their views publicly they would be considered shameful. In places like 4chan they are given cover by "ironic" racists, who I don't honestly believe are in any way ironic anyway. It's just a cover, and a poor one.
I once saw a couple of guys looking at jeans, one of them picked up a pair of acid pink jeans, saying to his friend "Hey, do you think I could wear these ironically?"
It doesn't matter - If you like them then buy them, wear them. Wear them ironically, wear them seriously. At the end of the day you're still going to be a guy wearing pink jeans. Own that or don't.
I appreciate Lovecraft, especially for the influence it had on other writers, on comics, tabletop and video games; and some of this stories are pretty good (e.g. The Color Out of Space, The Outsider). But it's really hard to swallow his racism and xenophobia, especially since as mentioned by others, it cannot simply be excused by saying he was "a man of his time". He was xenophobic even for his time.