It seems "Otherwise objectionable" is doing a lot of work in that paragraph. The intent seems pretty clearly "censorship of stuff that violates 1990s era morality is OK". Extrapolating to that to arbitrary censorship of ordinary political views isn't what Congress meant with this clause, and presumably adjusting Section 230 to tighten or simply remove "otherwise objectionable" would mean they could no longer do moderation for political reasons without losing that protection.