No. You're absolutely wrong here. The issue isn't that "it's hard to look at the fact a few corporations can remove a website from the internet" - that's a dog whistle to try to say Cloudflare is a victim.
Let's be clear about a few things:
Either Cloudflare is a utility, and therefore it acts as one and is regulated as one - or they're not.
Whether or not they are a utility, they want everyone to believe they were coerced in to doing something that's horrible - CENSORSHIP.
Non-rhetorically, is termination because of violation of a company's or utility's terms of service censorship? If you use your phone to call people and harass people non-stop, and dozens of people complain to your phone company, and they terminate you, are they censoring you? Or have you violated their TOS?
The problem here is that Cloudflare wants their cake and wants to eat it, too - they want to say their terms of service can be wildly lax when they're acting as a "utility" and they'll DTRT when legally compelled, but there are plenty of examples where they terminate for significantly less than a violation of their TOS, plus plenty of examples of where they don't terminate even when legally compelled.
They claim they don't host by trying to redefine the definition of hosting. They want us to believe they don't host, and that providing material services which facilitate presence on the Internet is neither hosting nor should in any way be their responsibility.
Their TOS for proxy services is bullshit, because they're basically saying that someone REALLY has to do some criminal shit before Cloudflare will take action. They want a district attorney to convene a jury to indict a John / Jane Doe before they'll do anything. In other words, they want to be a safe haven for any illegal activity that isn't serious enough to warrant that a district attorney to take direct action.
What happens if they become the monopoly they want to become and they're a safe haven for 90% of the illegal activity out there? They make tons of $. You can't block bad sites by IP because they serve all the legitimate sites from the same IPs as the illegal sites. You can't block bad sites by DNS, if they have their way, because DNS-over-https has taken control of that out of our hands.
So any claim of "censorship" is bullshit. Cloudflare wants to be the victim here, when it's their own attempts at manipulating the market that have brought us to where we are.