Clearly, this will be taking that idea further, and will in fact include cutting out parts of scenes and entire jokes to be “clean versions” for families, and some celebrities, including Seth Rogen, have already spoken out against the idea of watering down creative works.
Generally, when we think of the finished product of a movie, we think about the film coming out exactly as the director intended, but in reality, there are a lot of people often tinkering with a project before its release, including studio heads.
In fact, a ton of movies have been changed or censored–especially in other countries–prior to release, but even in the U.S. a movie might change its final product in order to appease the MPAA and get a gentler rating.