Not accepting hate speech, in particularly inciting violence is not contradictory to free speech in my opinion.
We should not follow the US idea, that speech is only free, if any vile poison can be spread. In the context of Musk that is also ironic, as he is using his powers to censor people.
Is the US power projection at the long term benefit of the EU though? The consistent destabilization of the Middle East for instance brought more tension to Europe as people had to flee from the region. EU member states getting dragged into US wars didn’t help our image in the world either.
When it comes to defense, UK and France have enough nukes for effective deterrent. The EU is also large enough to thwart aggression at its borders and buffer zones like countering the Russian invasion of Ukraine, if the EU chooses to develop and maintain a joint defense infrastructure. Unfortunately that was postponed instead of forwarded after Biden won in 2020 and EU politicians went back to the status quo.