I am not sure
@Metal Biker meant it literally? He can answer that for himself.
But there's nothing conspiratorial about suggesting that the consequences of this bill is that people may feel uncomfortable posting or sharing what they would have previously felt comfortable sharing.
It may not be illegal to post "Send them home", but is that inciting racial hatred or not? Maybe it is. People may worry that it is and decide not to post it.
That's clearly the sort of dilemma faced by X and Reddit, and they've erred on the side of caution and pulled posts.
This is suppression of free speech whether or not that was the intention. I don't want "parliamentary debates on grooming gangs" being effectively withdrawn from wider public view, do you?
And I might add, on the conspiracy theory front, there's several examples of YouTubers being held at the airport under Prevention of Terrorism legislation, simply for running a YouTube channel that's critical of successive governments failing to control immigration.