Moderation is about moderating bad behaviour of individuals. Censorship is blocking entire topics from discussion.
If you think it's underwhelming, just think how you'd feel if it would have been revealed that Don Trump Jr was smoking crack with prostitutes, and twitter blocked the story from spreading. 10 days before an election. Like seriously, think about that. Would you be fine with that?
Maybe they wouldn't be fine with it, but still fine with the H Biden story being censored, because they've got no integrity and want their political opponents censored but not their own.