The entire point of section 230 is to enable editorial control so long as you aren't the content creator/submitter without the kinds of civil liability tied to “publisher” status otherwise, for both platforms and users on those platforms who are empowered to act in ways which have editorial impact.
And a one-sentence “you can't do X and Y” isn't really a substantive argument against Section 230.
Your understanding is wrong. They receive liability protection for editorial decisions as a means of removing the disincentive for them to exercise editorial control that would otherwise exist.
If you walk into my bar and start screaming racist nonsense, I am well within my rights to ask you to leave the bar, and I do not have to let you back in. That doesn’t also suddenly make me liable for the nonsense you spewed.