Is this a violation of the 1st Amendment or a way to skirt around it?
No, government should not be policing speech on private platforms, period. At most, they should concern themselves with clearly illegal things—threats of violence, child pornongraphy, etc. It doesn't matter whether or not they are being "balanced".
And to think the gov tried to have a department of disinformation.
That’s how you divide the country even further.