So, first, I'm no expert in this (and defer to rbehrends's excellent comments in this thread). The law seems to have problematic parts, as mentioned in the article: "the statute gives companies incentives to remove content, and it lacks a procedure for users to appeal removals."
Yet, the issue is not clear cut. There are legitimate limitations on free speech - the famous "screaming fire in a crowded theatre" thing.
So, in Germany (with a history of institutionalised genocide), the lines are drawn a bit differently.
The notion that the ruling party will use it against views they don't like seems far fetched, though again, I grant you that it's a slippery slope - Principiis obsta ("resist the beginnings").
But, I object to the notion that freedom of political speech is fundamentally under attack here.
[As for the Abrahamic texts, there is case to be made that they ought to be banned, though I grant that that wouldn't help much. As for your "reductio ad absurdum" (tabs/spaces): again, there's unproblematic speech, and there's legitimately prohibited speech, and then there's a grey area, and that's what we're discussing here - where in the grey to draw the line.]