We'll see how well it works out long term. My personal experience with Twitter hasn't changed significantly since Elon took over.
I think rather than having opaque moderation, Community Notes / Birdwatch does a much better job at calling out bad posts. Rather than trying to sweep bad content under the rug, we confront it and call out any inaccuracies. The real power of Community Notes is that anyone can get called out. Even Elon's own posts have gotten Community Notes a couple times.