People lose their jobs over all sorts of things all the time. Before "cancel culture," people could lose their jobs over a complaint from a single angry customer, or a joke or comment that got elevated to HR, or any reason at all.
That doesn't ruin lives, it's a relatively common occurrence, particularly in the modern day. People are only equating it to Orwellian dystopia and Stasi oppression because politics has become involved. But it's not cancel culture's fault that at-will employment exists entirely at the whim and mercy of the employer, or that political activism (which cancel culture is) is clearly free speech. It's always been the case that if someone can convince your boss to fire you, you can be fired.