Oh dear.
It looks like he's got carried away, I'm hoping that it's an initial pendulum swing and he becomes more moderate... But the refusal to question his own/his churches attitude is a bit of a problem, that sort of denial allows very dodgy attitudes to go unchecked.
It's hard. This guy's your dad, you love him and want to see him happy...
But yeah. I think you do have every right to say something if that's what you wish to do.
There would be be waves; so if open fights aren't your thing, you could simply spare yourself by declining to go to church or leaving when something horrible is said. Maybe he'll take the hint... maybe
Oh yeah. And you seem to think it's you risking the relationship, but you actually seem quite loving and supportive. I think it's him causing the friction here by having attitudes of hate and expressing them in front of you.
Try saying "I love you but I don't feel okay with that" - and if he gets nasty/gets worse/keeps picking on you I'd give him a lot of space until he's willing to be respectful.