No, it's definitely not. Moderation means I can run my group how I want, you can run your group how you want, and others can decide if they want to participate in either of our groups or start their own groups.
Censorship is when someone else dictates how we can run our respective groups.
I fail to see the difference. I think the term "moderation" has become popular mainly because everyone is aware of the negative connotations of the term "censorship". Re-labelling acts of censorship as "moderation" allows you to frame it as a responsible and morally justified practice. Now you're no longer quelling dissenting voices like a fascist dictator, no, you're merely "protecting the community", "combating misinformation" or whatever they call it these days.
Basically, it's "moderation" when we do it but it's "censorship" when the Chinese communist party does it.
Censorship is when someone else dictates how we can run our respective groups.