YouTube will “protect free expression” by pulling back on content moderation

It means the same as it meant for X and Facebook. Allowing hate speech against minorities currently being targeted by the American government (mostly Latin immigrants and LGBTQ+, especially trans, people as well as racism and sexism in general), in exchange for dropping investigations against them. They'll lose a small percentage of users, but get to maintain their monopoly powers, privacy violations, and other illegal activities.