Free speech IS important. Free speech to say hate-filled, hurtful, antagonizing, made up bullshit conspiracy is NOT a loss since it adds nearly nothing at all of value.
He isn't banned from the internet, if he wants to create his own platform he can do that. Companies have no obligation to carry material that is in clear violation of their TOS.
I don't know who Alex Jones is, or ever heard anything he has said, so I'm in no way able to offer an informed decision. With that said let me tell you why you're wrong.
"Social media has been banning people who break their TOS for years, but applying that standard consistently will silence some super-popular conspiracy theorists and Nazis."
...and?
Social media giants aren't run by the government, slander, libel, and incitations to violence are not protected speech even if they were.
He isn't "banned from the internet," he's banned from popular mainstream sites. He's free to spew his nonsense from the fringes through whatever extremist sites will accept him.
Honestly, this is no different from the way major television networks wouldn't host programs headlined by white supremacists or religious fundamentalists and... oh... right...