Even back in April he was not saying he was only going to censor illegal speech. Anyways, since Elon acquired twitter he's made it a major talking point to say that twitter is still moderating by the same rules as before: https://twitter.com/elonmusk/status/1588538640401018880
"Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists."
The ElonJet account was violating rules for leaking internal company communications. Is that type of censorship going "far beyond the law?" I don't think so. Internal leaks can damage a company and the company should therefore protect itself. If anything, Twitter could be legally liable to shareholders for failing to do so.
On the other hand, blacklisting Dr. Jay Bhattacharya for saying things about Covid that turned out to be far more correct than what the CDC was saying at the same time is indeed going far beyond the law and also harming all of society: https://www.foxnews.com/media/twitter-files-confirm-stanford...