Deleting a comment because it is insulting a person is moderation. Deleting a comment because you don't like it, it doesn't conform to your views or you find it outrageous, silly, inflammatory, false, fake is censorship.
Moderators will delete comments or ban people for insults against people they like/support, but then cheer on more aggressive insults against people they deem bad (it's suddenly become very trendy to lash out at Elon Musk on Reddit, for example - you'll score upvotes rather than subreddit bans for doing that)