The effect is likely more polarization since we cannot moderate each other’s opinions with stories of our own experiences.
To the extent “cancel culture” describes something new, it has not.
> It’s impossible to share views, even among coworkers you might consider friends, without serious risk to one’s employment.
It always has been, for certain views.
Which views are more safe and which are more dangerous has changed over time. People who think that it has suddenly become dangerous is people who have views that have recently become less privileged in this context.
I'm ideologically aligned with you, at least on this, and I would be afraid to speak openly. I think you are correct about this diagnosis.