Philosophically, I think his “freedom of reach” distinction is a hack/loophole without a strong basis.
Twitter is a promotion service, just like Facebook (in each, they let users promote themselves in exchange for being targeted for promotion by others). The entire point of it is to promote content. It is not a content platform, except by coincidence.
Once you “maximum derank” somebody, you are denying them access to the whole point of the service.
By all means, ban the users you don’t want. Keep your service free of toxicity. Nobody likes a forum full of trolls. But don’t call it “free speech”