It is more dangerous when a totalitarian government infringes your rights. That doesn't mean when a private company infringes your right it's not dangerous too. Maybe less dangerous, relatively, but still very very bad.
And, btw, a lot of seemingly "private" actions turn out to be actions performed by private actors on behest of the government, which either forces or entices, by using their gigantic powers to both break and promote business, the "private" companies to act as their agents, "voluntarily" - or else.
I think those two beliefs are fundamentally at odds with each other. If you think that companies should not be allowed to moderate community content, then you must also believe that a cake maker who bakes a cake may not refuse to make a cake for a customer lol.
But, there is room for a nuanced consistent position regarding common carriers and/or monopolies having fewer freedoms than other businesses. Granted, many free speech maximalists aren't making these nuanced arguments, but some are.
90 percent of arguments going against the consensus are crap, but it's vitally important that we don't stifle dissenting arguments. The biggest problems with free speech are libel, fraud, and a woeful lack of critical thinking in the general populous. The first two can be handled with better laws. I think better critical thinking education starting in late elementary school is vital to counteract some of the ill effects of social media.
Also, don't tell me it's important if you're more than willing (re: you're going out of your way to defend it being taken from you) to have it taken away from you. Don't tell me I'm being obtuse if you can say that it's unimportant for one of the most valuable portions of your life.