Preacher deals with some pretty vulgar thins at times, and it's also blasphemous as all hell (no pun intended). It shows depraved people doing unthinkable things, it dabbles in the gray area of homophobia, and can be relentless at times with those things. Given that the walking dead TV show is a watered down version of the walking dead comics, it's not hard to imagine that preacher, an even harder comic than the walking dead, will see itself get neutered in all sorts of ways.
TWD to me is not comparable at all to Preacher. While both rely heavily on spectacle and shock value the reasons for doing so are completely different. TWD it is the point of the series, the plot and characters are merely vehicles to help move the story along from one shocking event to the next. Preacher on the other hand is the total opposite. The plot, characters and underlying themes and messages are the heart of the story where as the spectacle and over the top events are merely tools to lampoon and highlight this and a vehicles that often helps motivate those characters.
AMC's TWD has often stumbled because of it's attempts to added greater depth to those characters and events than what was present in the comics. Sometimes succeeding, but often stumbling and meandering unable to properly balance the fast paced action and gory setting with the human drama. So we get long drawn out seasons that spend too much time on something or spastic events that steamroll through things. If they could ever get the pacing down to properly balance out those two aspects of the show it would be so much better. But it's not like the comic is always that much better in that regard. The entire run has been a continual two steps forward three steps back situation where it's hard to see any real character progression at all.