Fine foregoing the latter so long as we can retain the former, but really a whole lot of complaining about cancel culture comes down to “people shouldn’t be able to dislike me for the things I believe, say, or do,” which is obviously insane imo.
Utilizing state power to express disapproval, of course, should be absolutely verboten in almost all cases (US 1st Amendment case law has overall found good gradations here).
If you discover that someone holds a very offensive belief, would your approach be to (a) reduce your personal emotional involvement with them, perhaps give a private rebuke to let them know your opinion, or (b) participate in a campaign to publicly shame them and hopefully ruin their life?