Ignoring the fact that Texas is about 2x the size of Germany and not some small monolithic paleolithic group think land as it is portrayed...
As written this law put cloud services at risk if someone uploaded content, before the service was made aware the content was an issue. That's a bit complex but in short this would require -everything- to be vetted before it could be made available by a service. That would certainly affect free speech and eliminate the effective 'common carrier' status that cloud services enjoy currently.
Now as i see it the laws regarding cloud services and censorship are out of whack anyway.
Currently it is very much a have your cake and eat it too arrangement here.
Phone companies were exempted from liability as common carriers because they did NOT censor content whatsoever.
Cloud services get all that protection of common carrier status but are allowed to censor anything at any time without repercussion or recourse.
Personally i feel this pendulum needs to swing a bit, if the service takes it upon itself to censor/demonetize/shadowban legal content then it should lose this effective common carrier status and become liable for its content.