I think I know what is happening.
There is a RADIUS parameter that limits the area affected by the Censor effect.
When you add a mask, the effect will work only on the INTERSECTION of that circle and the mask.
The problem is that as the tracker moves, the intersection of the shape mask with the area of the censor effect itself becomes smaller or even empty, and so nothing gets blurred or pixelated.
The solution: increase the radius of the Censor effect. Since you are going to use a Shape Mask, anyway, you may as well make it so the whole frame is in principle affected by Censor.
I hope this image gives an idea of the issue:

The circle indicates the area affected by Censor. There is a shape mask but part of falls outside the circle, so only the intersection of the two is blurred.
I have marked roughly the area of the shape mask in this image (not precisely, but I think it conveys the point):

Part of the logo is thus not blurred (you can see a letter K just outside).
If the image pans so that more of the logo gets outside the circle, more of it is not blurred.
But just increase the radius in the Inspector:

And it will get you something like this:
