Not quite. You did not quote a critical part -- being free from consequences from the government. And as governments, almost everywhere, give themselves a monopoly on the use of force "if I say the wrong thing I get punished for it" does not apply.
Thus whoever wants to punish you needs to petition the government for help and prove their case -- if I make false claims that you consider damaging you can ask the government to help and prove your case in a civil court (instead of, say, punching me in the snout to punish me directly). Just my 2c.
For example-- that famous one where the hedgehog pornography tycoon runs an add in his magazine accusing one of the pigs of having sex with his own mom, and then is cleared by a panel of pig judges who rule that parody is protected speech.
Where is that passage in Animal Farm? Maybe I don't have the details correct, but I certainly remember reading a long passage where Orwell clearly establishes that a book of satire like Animal Farm itself would be allowed in the Animal Farm universe. I thought it was such a nice touch of optimism in an otherwise dreary book. (And if I remember correctly it was a welcome respite from those long boring passages of complicated libel case law in the animal world.)
Libel is special because it's purely a civil matter and usually has to prove malicious intentions.
Compare that to: Poland, Netherlands, Spain, Switzerland, Thailand, and Saudi Arabia.4 are European and 2 not. Yet it is a criminal charge if you do. And in Saudi Arabia, it's a terrorist charge.
It sounds like a quote from "Animal Farm", doesn't it? I am free to say anything I like, but if I say the wrong thing, I get punished for it. Also, "some are more equal than others".