The idea that 4chan doesn't have moderation isn't true. I largely have to suspect it has to do with the the time moot stopped making bans public, but 4chan moderation used to be very visible. A number of other alternate chans were created because 4chan was "too strict". Even /pol/'s current political flavor is a product of deliberate moderation. Regardless, despite 4chan's "lack of moderation", with the exception of /pol/, the level of racism and hate you see isn't anywhere near what you would see on voat.
Voat definitely has moderation, CP and other illegal content is kept off of the platform; but both 4chan and voat can be largely hateful places with threats of violence thrown around. 4chan somehow has funding (it has ads and a paid subscription option but iirc there's also angel investors funding it) so it's going to stay up for the foreseeable future. Unless voat can start a patreon or something of the sorts (maybe chargebee), it's going to be turned off.
Even though there are many actual racists in between, I wouldn't take 99.9% of what's posted on 4Chan seriously. It's just a place people talk sh__ with zero consequences. There are no explanations (other than trolling like QAnon), or rationalizations. I guess it's because actually 4Chan is moderated, and it detracts the people with "real agendas".
Voat on the other hand, from the preview I've seen above, seems to be horrifyingly serious. People really seem to be trying to rationalize their racism. From my 5 minutes there, I really got scared about what some of those people would think of other human beings.
