This is correct and unfortunately it has been twisted so much through public debate that nobody believes it. The fines are for systematically ignoring that law, not for singular mistakes they make.

Okay, rereading the law, the fine is for not making a process available that guarantees (among other things) that obviously illegal content is deleted or locked within 24 hours unless a different deadline has been negotiated for that specific content.

The effect is the same: the easiest way to implement the requirements in the law is to default to deletion.