Except the "free market" didn't cancel his show. Sure, his contract was up and renegotiations would have been needed, but it was a solid performer on the otherwise low-ratings Friday night lineup.
The fact is, with the recent rapidly increasing animosity towards those with conservative beliefs, that began after his show was already on the air, the show was canceled because he was a conservative.
And face it, the show was obviously still popular enough that conservative Fox decided to pick it up for at least one more season.
But no, you go and claim "white male privilege" was what saved Baldwin, and not the "liberal blue shield". Obviously "white male privilege" is also what keeps Sarah Silverman working after making homophobic tweets, making racist jokes, and going around in blackface.