If any content is uploaded that violates the terms of service and is reported, they will be deleted as soon as possible, and that user will almost certainly be permanently banned.
The terms of service also limits my liability.
This is an issue that could ruin you. The only reason it hasn't already is that the service isn't big enough yet. You undoubtedly already have CSAM on your network and any reasonable person with experience online would expect that, which is an important standard for you to consider. You're starting your own projects online at 17. You will do a lot of cool stuff in your life. Don't let this kill that inertia.
My 2c.
Your terms of service shields you from nothing. It doesn't limit your liability here at all.
Based on this comment thread, I fully expect your site will soon host CP/CSAM, if it doesn't already. Other image hosting services devote extensive resources to engineering a solution to this problem (one that is more robust than user reporting). I would not expect you will be able to avoid this work, and avoid liability.
Edit: I just noticed you're quite young. Congrats on all the great work. I think this CSAM thing could bring misery your way so I hope you find this comment helpful. Good luck out there.