It does mean "free from consequences", but only in certain contexts. What else would it mean?

We just don't have a right to absolute freedom of speech as speech can infringe on the rights of others. Common limitations or boundaries to freedom of speech relate to libel, slander, obscenity, pornography, sedition, incitement, fighting words, hate speech, classified information, copyright violation, trade secrets, food labeling, non-disclosure agreements, the right privacy, dignity, the right to be forgotten, public security, blasphemy and perjury.