Not exactly. At least here in Germany, there is established jurisprudence that Twitter and Facebook are public "town halls" for discussion and as such have to maintain some sort of freedom of speech, with the borders being set by German laws. That means that for example Holocaust denial, which is perfectly fine under US law, has to be regionally blocked for Germany, while some instances of what Twitter/FB consider to be "hate speech" under their rules still has to be made available.
The general judicial consensus in Germany is that while platforms do have a requirement to moderate discourse (e.g. to remove libel and outright Nazi content), they also aren't allowed to moderate too strictly.