No, they tend to live miserable and short lives. They get no food, no vet care (so they die of preventable illnesses), get squashed by cars, mauled by dogs, eaten by predators, and breed until they wear out or die giving birth. How is that a happy life? Would you trade a life outdoors with no food, no care, no shelter, and risks of death for a life indoors where you are fed, get to sleep safely in the sun, and have all your needs met? The average life of an outdoor cat is around 5 years - an indoor cat with proper food and vet care lives 14 years or more. So to answer your question - they do not equate "free" with being happy.