From a pure security view having direct peer to peer traffic (without filtering and sanitising) sounds like a dangerous idea. (At least in the Internet-of-things domain I would clearly object against it.)
Why? Because the clients are outside of your control (i.e. a hacker can re-engineer) and inject any traffic to exploit security holes on the receiving side of other clients.
So sanitising on the server side sounds like a very good idea.
I would suggest two topics: One (inbound) topic the clients use to publish messages, and another (outbound) topic used by clients to subscribe to messages. A server side component would then read the messages from inbound topic, sanitize it and publish to the outbound topic.
This de-coupeling makes it also easier to introduce MQTT payload changed: If you update the payload in a non-compatible way, introduce a new inbound topic and keep the old inbound topic too. This allows you to support old and new clients during the transition phase.