For me that's equivalent to the idea that deplatforming isn't problematic, because people can still publish elsewhere or, worst case, still talk to other people.
Key to both ideas is to reject the social significance of operational scale as well as the power dimension of gradual influence.
Practically there is quite a lot of power hidden in the leeway and the bigger a company gets the more problematic their influence is for society as a whole.
The second argument, I think, is that there is nothing problematic about content demonetization because we always can trivially construct a plausible advertising interest against any unfashionable content, hence it's not primarily seen as a chilling effect but something innocent that just, by accident, ends up continuously narrowing the conversation towards the presentable and trivial.
I think this argument isn't great. Just because there's innocent intentions at play it does neither show that there are only innocent intentions at play nor that the overall venture does not, in the end, have bad consequences for society.
If our ad-ecosystem would allow advertisers to nudge a TV station towards what news they show, it would be a bad ecosystem for society, even if it's understandable that someone does not want to show their brand next to real talk.
That's not the case here, however. And I don't think we should be so concerned about a slippery slope that we can't allow any discrimination on the part of advertisers or Google.
By the way, I think I sense an undercurrent of "but that's just stupid" in regards to the objection to the extremely neutral use of dictionary definitions. You haven't made that argument explicitly, but for what it's worth, I'd agree with you on that personally. But that's not my call to make, or yours. (And if I'm imagining that undercurrent, then my apologies.)
I'm certain most Americans agree with me here which makes me assume that this specific problem is not one of culture, but probably scale and an absence of responsiblity at Google.
The more general question is interesting though, because it could go several ways. For example:
You could argue that people should anticipate that the platforms they rely on are not under their control (and should maybe act on that).
Or one could argue that the platforms should anticipate the diversity of cultural standards they are catering to by easing their moral rigidity. (For example through a more diverse/decentral company structure, etc.)
Here in Europe, some approach a somewhat similar question with some form of data nationalism, for better or worse. It plays into the same realization that there is an unresolved cultural difference between global platforms and local standards and intends to politically support local initiatives, corporations, etc. That, I think, doesn't solve the problem, but shifts the level of granularity.
Great problem, many angles.