Snopes was careful to show degrees of freedom with this fact check, but most social media fact checkers will not be so careful. Social media fact checkers will have a tendency to censor in the direction of the currently-in-power political party, because that party is able to set regulatory policy on social media companies. So the only thing which will prevent censorship from blowing with the political winds is to not have centralized censorship.
Community notes (as implemented at Twitter) require agreement of multiple people who are not in agreement on issues to agree on Notes. I am cautiously optimistic that it may be possible to correct wrong speech with more speech in a nonpartisan manner.
Edit for the reply below: yes that very obviously includes being a member of a group that attacks civilians for political purposes.
There being debate over whether other groups that do other things should be called terrorists is a separate matter.
Given all armoured car robbers would engage in such activities (unregistered firearms, explosives, fake papers, etc),
is it your position that all armoured car robbers are terrorists?