Earlier quoted context omitted.
Since the Timescale License is not an open source license, it is a closed source license. You are right, it is source available, but source available is also closed source. It is closed because it is not open. And it might be free as in beer, but it is not free as in freedom.
The source code is available, when someone says something is closed source then it usually means that the source code is not publicly available. Do you want amazing things? Everything can't be "free as in beer" wtf does that even mean, i don't get free beer from anywhere.
That's what "free as in beer" means -- it's a well-established phrase meaning "zero monetary cost": https://en.wikipedia.org/wiki/Gratis_versus_libre
In the case of the non-Apache-licensed version of TimescaleDB, you're allowed to use the software without payment, and you can distribute unmodified copies. But you're essentially forbidden from letting users define their own schemas, or from modifying it or reusing components unless your modified version imposes that same restriction. (The exception is if you agree to transfer ownership of your changes back to Timescale.)
Nobody's saying that Timescale can't build a non-open-source database, only that they should be clear about which parts are actually open. In my opinion, describing it on the homepage as an "open-source relational database" and then promoting it by benchmarking the proprietary version is at least a little bit misleading.