For starters, being deplatformed from major online players today would have serious consequences. Although it's true that these platforms are "private property," the entire society has become too reliant on them to be seen that way. I think it's dangerous when platforms function like a public utility and is yet allowed to do whatever it wants because it's technically private property. If platforms want to censor, there should be at least more oversight than what we have today.
Another problem with censorship is that it's not always about being right or wrong. A lot of the time, it's more about power or popularity. Thankfully, many corporations today are in favor of diversity and inclusivity, at least on the surface. However, things do change, and it's not always for the better. There are worrying trends of growing authoritarianism worldwide, and I think now is a good time to consider how censorship could be used against us.
Finally, racists are racists and no amount of censorship won't change what they are. I think Snowden had a point when he said that the answer to bad speech is more speech, not censorship.