I think there's a difference between boycotting, not buying something and encouraging others to do the same. And cancelling which seems to involve more shaming people for not doing the same, is more likely to be targeted at people and not companies, and usually comes along with a lot more personal attacks in general.
My biggest issues with cancelling are:
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It only really affects small/midsized creators. Big creators or corporations who it would matter most to be held to account just shrug it off.
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It only works if you're cancelled by your audience, white supremacists authors writing white supremacists books can't be cancelled unless white supremacists don't like what they did.
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It almost always seems to lead into personal attacks and online bullying.
This is a video about the experience of being hated online I found somewhat eye-opening.