Our concepts of free speech, censorship and moderation are simply outdated on modern social media - when you have systems designed to encourage and spread low-effort, novel, emotional and manipulative content (e.g. twitter), no amount of "tweaks" to such systems can fix the problem.
Instead of trying to fix systems originally designed for marketing, why not actually design systems meant for disseminating and checking information from the ground up? I bet that would look way different compared to twitter or facebook.
It doesn't have to involve moderation or censorship - it could just mean giving disproporitonately more powerful voice to experts willing to explain disinformation, for example (rather than having their voice drown in the retweet popularity contest).
Hilariously enough, this is what people said about the invention of both writing and the printing press.