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.