This is exactly right.
It wasn't a conspiracy. It was a group of people trying to make very difficult, uncharted decisions in real time.
The dangers being faced are real and significant. I think, sometimes, that the UK is in a bubble of safety and thus comments from the perspective of that bubble. Arguments are over rhetoric, not action. When I'm back home, I see it happening amongst my friends: it's theoretical. In the States, it isn't. There have been people, many people, killed because of the rhetoric that is now being amplified. There are plots against the government, to kidnap governors; people phone in bomb threats against hospitals, shoot up synagogues, open fire in a pizza place. And meanwhile, social media platforms become battlegrounds for international espionage and attempts to destabilise power by eroding confidence in things like elections, vaccines, and governmental institutions.
We live an age of disinformation and anger.
The team was trying to deal with this. It wasn't perfect. But it was an attempt both to provide a broad platform and keep people from using that platform for bad ends.
As for Musk himself, he has an enormous voice and reach and uses it carelessly. Some of his tweets, like that about the Brazilian election, have serious and real-world consequences. He is neither impish, nor puckish, nor adorable. It was fine when he was doing his mad-inventor thing. It's not fine any longer.