German here. The law as written actually permits most of the speech: As long as you avoid a number of banned phrases and don't voice explicit support for groups classified as terrorist organizations, your speech is protected - in theory.

In practice, wondrous things may start to happen already long before you reach that threshold, such as police forgetting their own laws, your venue, backup venue and second backup venue suddenly all deciding they cannot host you, politicians trying to fire you - or you suddenly realizing that you're unable to access any kind of bank account or credit card because the EU put you on a sanctions list (behind closed doors, without telling you, with no option to appeal).

But none of that has to do with overregulation - on the contrary, those measures are often in violation of the law and courts have frequently decided in favor of pro-palestinian activists and axed them.