Online? Dictatorship. Let the guidelines be clear and the conversations civil and on topic. If my speech isn’t wanted in a particular community I can find another, or make another where I’m the dictator.
IRL? Democracy. It sucks, but it’s better than everything else. I do, however, wish there were better laws forcing media to be locally owned, and bound to be truthful. And some way to keep late stage capitalism’s hand off the scales.
Online spaces are limitless, basically. If you don’t like living under someone else’s rules it’s dead easy to spin up your own space with your own rules. The dictatorship-ness of these virtual spaces keeps then semi-civil and on-topic. Ideally, at least. We are talking spherical cows here, obvs.
Real life spaces, not so easy to spin up your own country. So we have to use a political system that (on paper, at least) caters to the majority without stepping on the minorities too much.