Cancel culture exists. It hurts people, and it generates fear. Heresy exists and it is punished. Most people are self-censuring heavily now. I have experienced it myself in personal and professional contexts, and I am a moderate liberal. The OP mentions the fact that both sides always have truthful anecdotes to support their positions, and use it to attack the other. And that is what you've done here.
Regardless of the details of cancel culture, how could you think a system like that could ever possibly work? When there is status to be gained from making an allegation then they'll be made, true or not. When allegation is enough to generate a mob, which affects your employer, your friends and family, you're entire life, this is a disproportionate punishment even if the allegation were true. But the accused rarely, if ever, even gets to speak in their own defense. It's called "social justice" but it's not a court, there are no rules, and the judge jury and executioner feels just fine if they never take a dispassionate look at facts. This system, applied to anything, is the opposite of justice. To believe otherwise is to reveal a deeply flawed understanding of how human beings respond to incentives. (Of course, one way to get around this problem is to redefine "guilt" to require only that the victim feel bad. But again, this incentivizes victims to feel bad, and somehow everyone forgets that people feel bad for all sorts of reasons, sometimes having nothing to do with the accused.)