Kind of. While the legal principles are different, it goes against the same moral principle in that both rules limit critical speech.

The new campaign finance laws largely amounted to incumbent-protection, with its temporary, pre-election advertising blackout. Google's TOS appears to be a permanent blackout on criticizing any proper nouns who've requested it. Both result in less speech.

I certainly understand that Google place whatever rules it likes on its own ad network, and I'm not criticizing their right to do it. I'm criticizing their decision to do it.