100% this. Big advertisers don't stop spending because they have a moral objection to the content, they stop spending when the customers who disagree with the content boycott and make a lot of noise.
And where do the people make noise about these types of things? Twitter. If they just stop promoting that content and turning a few keyboard warriors into news items, then companies will be none the wiser, and will happily spend money.
But even in the case they decide to jump ship, other companies will fill the gap. Do you think all the NFL players are going to leave the platform? All the sports journalists? No amount of internet outrage is going to change them, they're too stuck on the platform.
Also big advertisers can stop spending because the people who make decisions on ad money spend ideologically disagree with Musk moderation policy. The decision makers are not robots, they have biases too.
But even in the case they decide to jump ship, other companies will fill the gap. Do you think all the NFL players are going to leave the platform? All the sports journalists? No amount of internet outrage is going to change them, they're too stuck on the platform.