Like the fact that "Oceania was at war with Eastasia. Oceania had always been at war with Eastasia" ? Who decides what is fact and what misinformation. Caitlyn Jenner is a woman - this is objectively true for half the society, bullshit for the other half. Who decides?
I've got no issue with subjective content so long as it isn't intentionally harmful but when content is objectively false (the example Cohen used was Holocaust deniers -- there's a body of evidence which proves the Holocaust did happen) it's probably better it was removed. Newspapers, for example, are often forced to write retractions when courts find them to be dishonest.
Where the blurred line lies isn't the "who" behind the moderation but the "where". Where do you draw a line between content that is untrue and content that is technically true but written in an extremely dishonest way? Do we define things as a strictly boolean state (ie only objectively false content gets removed) or is there a state in the middle where content that is not objectively false but still hugely dishonest can also be removed.
For example the UK Brexit slogan "We send £350 million to the NHS, lets fund the NHS instead" was not objectively false (well, the figure they published was untrue but lets ignore that for the purpose of this example) but it was also dishonest because it suggest the EU membership fee would fund the NHS if we left the EU and the actual truth is that almost certainly wouldn't happen. So should dishonest content be removed also when it is as damaging as something objectively false?
That's such a dangerous precedence to take however I'm also not convinced the status quo is working either because people currently game the system and it does have massive repercussions.
The problem we have these days is it's become impossible for the casual observer to separate fact from fiction. Which then just encourages people to take information spread within their own echo chamber at face value (since, rightly or wrongly, that's the network they trust). If we can at least remove the falsehoods from the conversation that is a step forward in having open debates.
Someone will no doubt point out that there's a fuzzy line between a lie and something that is true but intentionally misleading, so where do you draw the line. Unfortunately there's no easy answer to that. However I personally believe things have gotten bad enough where it's now worth the trying.