Common meaning:

Canceling people via public rejection and boycotting them because they have morally unacceptable views.

Hidden meaning of the Equity religion: 

Canceling those who are speaking out against the Equity religion. 

Discussion:

The reason the Equityists attack those they disagree with is that according to their religion, it would be morally inexcusable to allow the wrong religious view to propagate. The true religion must have supremacy and any heretical views must be silenced. 

I for one don’t want to live in a world where everyone must pledge allegiance to a faith that dehumanizes people and disputes biological reality. 

The Equityists will try to cancel anyone who disagrees with their faith, but they do get particularly vicious with those who were once considered true believers but have come to be identified as heretics. They may even claim that they are no longer part of a minoritized group. For example, saying that someone is no longer black because they don’t believe in Equity or are voting for a non-Equity political candidate.

Some people have been hoping that cancel culture will just burn itself out, but unless the underlying disease of the religion is removed things are only going to get worse.