What it does do is take a law that was aimed at ISP's and broad internet platforms that granted a privilege, immunity from liability for content posted by users, in cases where those ISPs or platforms did not censor protected speech. The spirit of the granting of that immunity was that it would free social media platforms and sites that host blogs, etc from needing to be worried about censoring the people who used their sites. Essentially, it was "Hey just let people say whatever they want, and we won't hold you liable for the things they say." Twitter, Facebook, and Youtube haven't upheld their end of that bargain, because they aggressively censor viewpoints they disapprove of.
It's their right to do so, but they aren't owed immunity from liability for it. The next time a Twitter mob bays for someones career and life to be ruined, Twitter should hope the mob has their facts right.