The terms "moderation" and "censorship" come from different social contexts.
One is a term which community managers came up with to describe what they do.
One is a reaction to what governments (if you remember, governments even used to have offices with names like the Office of Film Censors) and private actors do (private censorship has gotten a lot more scrutiny in recent years).
With private censorship, it is important to understand that a lot of the concern comes from the *sheer scale* at which they censor people.