Absolutely! The joke is that "freeze peach" sounds kind of like "free speech," so it's become a meme to mock the (usually far right) people who claim that freedom of speech should be upheld at all costs, including human decency, and that things like racism, sexism, LGBTQ+ phobia, hell even full-on Nazi propaganda should be unrestricted on the internet.
Cartoon propaganda occasionally worked like a broken clock :-P ( to proactively explain for those that don't know this one too: broken clocks are right twice a day by dumb luck)