Just because an Author has some bad takes doesn't have to sour the franchise for you. On principle, you can move on and still carry the enjoyment of your experience. Chalk the author up as "gone cuckoo" or something and don't spoil your initial reactions and interpretations.
Life is all about what you feel, experience and reminisce over. And no one can take that from you. While facts cannot change, your feelings do evolve over time and something you can and should look forward to.
Also, Lovecraft had good relationships with other authors and collaborated with them, and effectively made the Cthulhu mythos open source before that was cool. Rowling on the other hand...
"On the other hand Lovecraft stories work because he was racist. Fear of the unknown etc."
Well when you get right down to it, the wizarding world of harry potter only really functions because of the author's hardcore belief in the importance of the status quo and the existence of groups of people who are inherently evil... Not saying the premise wouldn't have worked without that but it would have been a really different story
Are there fans of the actual series? Enders game is pretty good, speaker for the dead was annoying but I saw the point, but I physically tossed xenocide across the room at one point. Just absolutely awful.
Nostalgia critic on yt made a good point about death of the author and how it doesn't necessarily apply when it comes to Rollo. It's difficult to separate her from her art because she still profits extensively from the product she created and uses that money to fund anti - trans organizations. It's not so simple as separating the work from the artist in this case.
I'm not sure transphobia or homophobia were in the actual books, but the others you mentioned were. Rowling herself obv exhibits all of those things, but I try to think of OP as a 9 year old just discovering a love of reading, who doesn't know about the racist tones. That's my story at least, and I've been happier just letting people enjoy things.