There was a lot wrong with Facebook's moderation system. Spend any time in any politically active groups -- or groups that like to discuss politics -- and you'll quickly find people complaining about deranking. Based on both the extreme frequency with which it's reported and my own experiences with Meta, I believe that they're not making it up.
But Meta's moderation tools don't primarily exist -- as I understand it -- to keep discourse informative. They exist so that Meta doesn't accidentally become somewhat responsible for another genocide.
I think that community notes may be a better move for public discourse, but most conversations on Facebook itself happen in groups, and in groups nobody is going to be posting Community Notes that go against the trend of the group -- even if they might be useful for totally public discourse.