Cancel Culture is a very milquetoast way of describing the damage leftists cause (and the corporations that enable this). It’s not unreasonable to refer to Cancel Culture as economic terrorism. The goal is to intimidate society by publicly destroying a dissident’s life in the hopes that either the mob will kill them or that the dissident will commit suicide due to having every traditional economic opportunity taken away from them.
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It's silencing your political opponents and destroying their lives.
Cancel Culture is most certainly a euphemism. Punishing and destroying your political enemies. I don't know a good term for it. The communists probably have a good word for it.
I think they call it "success".