Look at bigger picture. Ignore that it is 4Chan and imagine it is a site that you actually like or care about. That is the point.

The reason they go after 4Chan is because they want to normalise this general type of censorship and hope people are gullible or biased enough that they will or would let obvious authoritarian censorship slide because they know some people dislike the site. It is manipulation and how you push the Overton Window towards general censorship.

The point is that the UK should never do that and the law is bad. Whenever you see shit like this, switch the "thing" in question to something you like and be honest to yourself and think if you would be okay with that.

If they can do it easily to things you dislike, then they can as easily do it to things you like.

The fact that is Labour, or the equivalent of the USA Democrats trying to hinder public speech in other countries via this insane laws is something worth noting. Any side can do this.

Are EU privacy laws trying to govern the internet also deranged?

I don't agree with the laws the UK have on this matter, but trying to govern the internet is absolutely nothing new, and most of the time the internet fucking loves it, and praises the EU for trying to do so.