I don't really buy this "freedom of speech doesn't mean freedom of reach" argument, or the "free speech doesn't mean freedom from consequences" argument which is often deployed.
Being free to say something quietly in your own home (if that - I think Scotland are trying to bring hate speech laws into the home too), is not really freedom of speech.
I mean yes, individual universities, student unions, publishers etc can choose not to give a platform to certain speakers. But it's naive to pretend that this has no bearing on the status of freedom of speech. Freedom of speech means being able to say things publicly, and if institutions (including social media companies) all clamp down on certain views being expressed (or any views whatsoever being expressed by someone who has said the "wrong" thing in the past), then yes freedom of speech is weakened.
No-platforming sounds OK when it's someone you disagree with being no-platformed. The next day, the same mechanism is used to silence someone you think is perfectly reasonable, and you realise it's a tool that can be wielded by anyone with the power, be they goodie or baddie or mercenary. (And yes, if you can no-platform someone, then you do have some power.)
It seems to me that the concept of a hate crime (and its offshoot, the "non crime hate incident"), while well-intentioned, has paved the way for a lot of this. All you have to do is call something "hate speech" and it's effectively criminalised. Don't think that only reasonable, good people will make use of this.