That's ridiculous. What about the full undie paintings going up the stairs in the hotel suite? Those are showing more than the Oh la la magazine
You'll kill everyone!
But Ice Cream Cake!

It is kind of fussy to cut out that small bit.
Metallica and Iron Maiden fan who is also a Brony.

I can also confirm this (just finished the movie on Netflix). I actually didn't notice the cut at first, but thought it was weird that he only said "oh la la" once in the Netflix version, instead of twice as I'd remembered. I had similar suspicions about them cutting scenes or frames from other movies before. Makes me wonder how much stuff I have unwillingly missed already

According to Back the the Future Minute, Oh La La was not real magazine but both the interior and exterior were from real magazines. The interior was from a 1935 issue of Paris Sex Appeal, which was in the French Language, and the cover was from a 1955 issue of Swank.
BTTF Minute is a great podcast, and if you would like to give the episode a listen, they open the episode by talking about the magazine.
http://www.duelinggenre.com/part-ii-minute-76-stealth-mission/
Morty: Oh, that sounds like something a chicken would say! (Flaps his arm and clucks like a chicken.)
Rick: Oh Morty! You done did it this time! It's on!

I have no idea what's so objectionable about the cover of the magazine compared to the interior shots that actually made it into the Netflix version, unless it's a rights issue. Is Oh La La even a real magazine?

It is indeed trimmed, on the Netflix version. I just watched it today and I noticed it too. It's almost a clean cut, but you can see where a few seconds got snipped. I thought I remembered Marty saying Ooh La la twice in the theatrical version. He says it once on the Netflix version.
I saw it and thought it was weird. I noticed this thread and how most of the comments are naysayers. I went back and rewatched that scene, and am now posting that, yes, it's edited.

It's not the TV version because the profanity is intact. I don't think the magazine shots are even censored on TV while the word "s**t" is. Odd that Netflix would censor the movie in the exact opposite manner.

it's not like Netflix doesn't stream stuff like Jailbait. It was probably a made-for-tv version originally put up(for who knows what reason) There's always a stormy sea of corporate and legal typhoons constantly churning the tides of what is streamed. I sound like a 20 year old Kevin Smith now.

I'm smack in the center of the US, so that's not itstrange.
That's right, I'm love's bitch, but at least I'm man enough to admit it.

It could be just in US
I just forwarded to the scene and the edit is still there.

Possible that Netflix had a scrubbed version of BTTF2 for streaming and then corrected after enough people complained about it. I watched it yesterday on Netflix and there were no alterations to the film.
-Rod

I'm watching it now, the scene just played and it was intact.

I noticed the same thing.
It's . . . inexplicable, to say the least. I mean, it's not like this is broadcast TV, so it can't be for "adult content".
Aw that's great. Game over, man. Game over!
What're we gonna do?!

If time travel were ever invented in real life, the people with prudish views could be sent to the Dark Ages so we'd never again have to hear them complain about all things erotic. For real, yo.

Nobody can ever make up their mind whether liberals are responsible for the proliferation of sex in the media or the censorship of it. lol

Seriously? PC talibans are getting more and more ridiculous.