Yes this is about right. 230 allows moderation, but does not obligate it. Pretty much leaves full discretion to the platform and moderating one thing is not a commitment to moderate anything else.

One is the key examples that highlighted the need for this was Jordan "Wolf of Wall Street" Belfour's company suing Prodigy for allowing users to talk negatively about it on message boards.... and winning! https://en.m.wikipedia.org/wiki/Stratton_Oakmont,_Inc._v._Pr...