It does lend credibility to the blocks when it's US companies trying to dodge fines while mishandling PII. The suggestion of using a US freedom gov to dodge US-based self-censorship is as ironic as it is stupid when the real solution is pay the fine and handle the data properly.
I don't think foreign propaganda was ever exempt from freedom of speech here in Europe (except the countries and regimes which lacked free speech, of course), it just wasn't much of a problem before the internet made opinions so easy to broadcast.
It’s not just Russian propaganda, but now it is conveniently used as a blanket cover to sanction even EU citizens (see case of German journalist Hüseyin Doğru, whose only connection to Russia was a hosting of his pro-Palestinian outlet on a platform affiliated with RT).