Sorry couldn't help Myself .
If a Modder wished to make this option absolutely. As of the time being there has been no information on whether or not there will be filtered option.
There has been much discussion on this topic, the gist of it boils down to Shakespearean not being used in common speech (people did not walk around speaking like Shakespeare's characters), Old English can be hard to understand and it is not accurate for the setting of Bohemia, and Old Czech is hard to understand even if you are Czech.
In the end the developers thought it best to go with a more modern English. The dialogue in the alpha is for the alpha only and is not representative of what the final dialogue will be however this game is focused on telling a mature story with adult themes so hat=rsh language is to be expected.
It is also worth noting that many terms we perceive as curse words today were common language in these times.
You read more on the subject in the links provided below.
Keep the Shakespearean language. Your fans aren't stupid!
Language style: Old or modern?
Voice actors... Who's voice do you want to hear in the game?
Cudity Level: Too Much or Just Right?