The critical question is if they ought to be allowed to wield that power unchecked, up to and including when that reach has progressed far enough to have real impacts on our political system, and so impacts on people's lives.
Remember, we're talking about what we'd like the law to be, not what the law is. These definitions are up for debate and redefinition.
News organizations have wielded this power for at least a century. Their decisions on what stories to publish obviously have political implications, and in some cases their editorial boards even explicitly endorse one candidate.
Facebook and Twitter are private entities, just like The NY Times or Fox News.
This is not a strawman, I simply see no other way to interpret this comment.
They don't create content as an organization and only facilitate communication, which is exactly why section 230 is being contested.
The First Amendment applies to everyone in the U.S.
Facebook and Twitter are just 2 of the biggest with many others like TikTok, Whatsapp, WeChat. It's the size and scope that should be used as a measure of when they cross over into public utility vs private project.
Obviously Twitter is not because it has been down for about an hour now and life is going on just fine.