Edward S. Herman and Noam Chomsky wrote an entire book about 'censorship' that's not technically censorship, titled Manufacturing Consent. Rather, what happens in the industrialized west uses soft influence and economic power to achieve the same ends. Media in such a "propaganda model" of operation does technically disseminate information, but does it in such a way as to reduce visibility, reduce emotional impact, and economically discourage.
Actually, the power to engage in a "propaganda model" of operation enjoyed by YouTube is in many ways much more immediate and absolute than that exercised by the western governments in the 20th century.
If your employer threatened to not pay you because you took a political position that would be abhorrent and oppressive treatment. Youtube is not a direct employee and it's more of a business partner, but it's wielding it's power to control speech - which is oppressive.
> The issue with censorship is that it has to grow. You can't defend taking down say, videos about the Israel BDS movement, and not also take down videos about Free HK.
I fail to see how this property, if it exists, is any less present in a "moderated but without explicit censhorship" system.