No, fuck that. I recognize the threat is real, and that Itch can't afford to fight it. But also: the way that they've gone about this is horrible and absolutely deserves scorn and protest.
First, the fact that they just went ahead and did everything with no notice, and then didn't even tell anyone that they'd done it for hours until the opposition got loud enough to make a message. Developing situation? If you're going to throw a chunk of your userbase under the bus you had fucking well better get that message together before you do it.
Second, the fact that they used the tools that they'd designed for people to be better able to be part of their community to attack them. Every product that was listed 'adult', 'NSFW', 'erotica', or 'sensitive media' was delisted. Any product that didn't bother to list themselves as erotica is still up, untouched. Not only that, but the 'sensitive media' tag was one that Itch created and placed on products to make it easier for people to avoid them. They include a lot of products that aren't porn at all, but include themes of sexuality or queerness. The delisting goes an order of magnitude beyond what others have done to capitulate.
Even worse, the message says that they will be deleting items in the future, and that's a fucking lie because they started deleting things before anyone even knew there was a threat.
And finally, creators of works that have been delisted or deleted are reporting that Itch has also supsended payouts to them, so they're also stealing money.