That is, what's blocked? Things that people consider misinformation. Some of it really is, and some of it is just stuff that's politically unpopular with the powers that be (which they're also going to label misinformation). And then some of it falls afoul of various copyright laws or other such.
But certainly real misinformation is a significant chunk of that. The proxy enables that misinformation (and disinformation) to bypass the censorship/blocking. So in that sense, yes, it spreads misinformation.
This is what this site is built for. Even the premise of the site is disinformation. Europe does not currently censor much of anything on the internet very strictly. We can still access X, 4chan, 8kun, kick, etc., and all the absolutely vile discourse on them. Not to mention our homegrown nazi breeding grounds.
But a site which will presumably be used to curate a selected list of far-right propaganda? By the US govt? That propably needs to see pushback.
The solution to disinformation is not censorship, it's education and to teach early people on how to critically think by themselves.
This does not mean people should not also be educated. That critical thinking is also what leads me to the conclusion this should be blocked.
On a side note, setting up a website deliberately designed to circumvent such laws will itself likely violate the law and might lead to criminal prosecution. While the US government will certainly be protected by diplomatic immunity, other people involved probably won't be protected.