When an graduate school advisor provides feedback on a paper, the goal is to improve the quality of the paper. The peer review process also has the same goal in mind: produce a better paper.
According to this Reuters article, Google's new process happens after peer review and Google's other processes have completed.
"The “sensitive topics” process adds a round of scrutiny to Google’s standard review of papers for pitfalls such as disclosing of trade secrets, eight current and former employees said."
Instead of publishing the paper, Google will now review the paper with an eye to negative impact the paper may have on existing Google product (or lobbying efforts, etc.) Google isn't doing this to improve the quality of the paper, they are doing it to protect their business interests.
"For some projects, Google officials have intervened in later stages. A senior Google manager reviewing a study on content recommendation technology shortly before publication this summer told authors to “take great care to strike a positive tone,” according to internal correspondence read to Reuters."
I think this is very different from the advising process in graduate school.
Preventing people from disclosing trade secrets seem fair to me. Preventing valid research simply because it may negatively impact business strikes me as less reasonable.
"Four staff researchers, including senior scientist Margaret Mitchell, said they believe Google is starting to interfere with crucial studies of potential technology harms."