It comes down to intent. If the intent of moderation is "taken in good faith to restrict access to or availability of material that the provider or user considers to be obscene, lewd, lascivious, filthy, excessively violent, harassing, or otherwise objectionable, whether or not such material is constitutionally protected", section 230 provides immunity. "Otherwise objectionable" is very, very broad.
To that I 100% agree. if the intent of an moderation is only to restrict access to or availability of material for those reasons, then that is likely not a derivative work.
