It took an unexpectedly long time to find the censored word list in Discourse. I finally resorted to searching the PRs until I located one where the censored word list was replaced with ‘watched words’ … although there wasn’t any readily apparent watched word list in the configuration either. I was able to locate the meta post regarding the watched word implemented under that PR. It’s hiding under logs?! Under each action (block, censor, require approval, flag), there is a “show words” checkbox that displays the configured words.