FYI, the example of shouting "fire!" in a crowded theater comes from a case against someone who was claiming that drafting people into the military was involuntary servitude, and was illegal and worth resisting. I think they should have been allowed to say that.
Oh, I should have chosen a different example! I certainly think the argument that we cannot censor based on whether or not someone would be a bit foolish to believe the lies being spread still stands, but I'll leave it for now.
(Although I believe I share the OP's sentiment that the whole thing is not a sign that democracy is in great shape...)