This statement is true, although lacking key clarifying information. On 10/09/25 YouTube shared the decision to allow banned creators to return to the app, but not just any banned user.
According to CNN, those who were banned will all receive the opportunity to request a new account over a period of time, and will each be reviewed and assessed based on the "severity and persistence" of their rule violations. Although this is true for some, the privilege to return to the app will not be granted to all people, "This pilot won’t be available to creators terminated for copyright infringement, those who have violated our Creator Responsibility policies, or those who deleted their YouTube channel/Google account".
While YouTube's approach to allowing creators back does follow these defined guidelines, the motivation for this policy change is not simply for the sake of encouraging free speech, as CNN reported them to have claimed in their announcement of the change in early October. In an article from CBS News, it is stated that YouTube is allowing back specifically "creators whose accounts were banned for violating previous policies against COVID-19 and election misinformation".
This statement is in fact true according to many sources, although the many caveats to their new rule, as outlined above, should be acknowledged.