Perhaps it would, but there are plenty of other restrictions on freedom of speech. And this particular law does not apply to news media etc, as far as I understand - just search engines and similar databases.
And perhaps I want to make a list of sources where you can search for information about politicians to hold them accountable. If it's not censorship for them to be able to stop me from linking to true things they don't want people to see about them, then what is?
If it can't be found by anyone, isn't that about the same as deleting it?