I'd argue the same for Kiwi Farms. If people are cyber-bullying (ie, reaching out to people and harassing them) then those people should be addressed. Arguing that any speech you or someone else deems "hurtful" or "hateful" should be banned is nuts, since no one has to go and read those words, its an opt-in process. AND, if people can disagree about whether something is really "hateful" then its even more difficult to justify taking action simply for communication of ideas that we find offensive.
CloudFlare is in a tough spot that they put themselves in. If they'd like to avoid legislation then they've got to be the pipe, not the moderator. Once they switch to moderator they are responsible for all moderation. They can't pick and choose. Imo they'd be better served by acting as a utility and staying out of the moderation game. We've already seen a ton of attacks on free speech by powerful Internet companies, in the US at least the 1st amendment (freedom of speech) needs a defender like CF to help.