> 230 is the thing that allows HN to moderate comments and submissions without immediately becoming legally responsible for every dumb thing we say.
This definitely isn't true. The reality is that you are never automatically responsible for what someone else does. (It makes no sense!) Tech companies would like you to believe that Section 230 is some fundamental bedrock to the Internet, but it's not, it's just a get out of jail card for ad companies acting badly.
> Nobody seems to believe the administration can actually do this.
There's probably some manner of activity executive departments such as the FTC and FCC are capable of doing. Though it's definitely true that Congress-passed laws (unfortunately, including Section 230 of the CDA) stand above the regulatory power they have. But this order may be a precursor towards a larger push to scale back or (ideally) remove Section 230 in legislation.
> just got sucked so deep into the screaming partisan meat grinder that there is now no chance of making any progress on them
I actually disagree here. The vast majority of issues that require legislative attention aren't getting it because they're not loud enough to be put as conditions upon other things happening. Legislatively a lot of issues are at a complete standstill. But once it becomes a hot button issue, legislators are more likely to pack it in here or there until something moves on it.