It would be “censorship” if they actively antagonized any attempt to spread the information, such as by lawsuit or DMCA notice. They are just refusing to participate.
And given that the “information” is definitively known to be child pornography and violent white supremacy propaganda presented as news, I would personally say refusing to participate is the only responsible action.
But it's clear that it matters just what's being censored. Surely you wouldn't say the same trite clever-sounding hackerspeak if we're talking about censorship of threats, assault and child pornography, would you?
Cloudflare simply has the luxury of choosing which politically disagreeable parties they do not want to associate with because they are insignificant customers.
Pretending that this is not due to differences in politics and moral judgment is semantic smoke and mirrors.
Anyway, the point is that they are not a neutral carrier/providers. Unlike banks or telecoms which are required by regulation to accept any legal business. CF styles itself as neutral infrastructure, until they decide they are not.
The risk of getting deplatformed due to someone's moral judgment is quite real, even for an entity such as Wikipedia. For example they were blocked in the UK because the Virgin Killer album cover landed it on a block list used by major ISP.
But again, this is just a tangent. The core argument is that it is best not to rely on providers that have the freedom to make political/moral decisions who they deal with because that freedom makes them susceptible to moral denial of service attacks. You are one moral outrage away from being deplatformed.