If freedom to operate exists for a product, does it mean that the product is patentable as well?

Freedom to operate (FTO) does not guarantee patentability of a product.

In ascertaining FTO, it is determined that whether a product feature is violating any rights of an active patent. Typically search in an FTO study is limited to the country where the product or feature is supposed to be launched or sold or used or manufactured. In other words, in FTO the search and analysis would be restricted to active patents and the country (or countries) where the product or feature is to be launched or sold or used or manufactured.

In ascertaining patentability, the product or feature is analyzed based on novelty and non-obviousness with respect to all available prior art. Here, the prior art could be patent as well as non-patent literature. In contrast, there is no need to search non-patent literature in as an FTO study is only concerned about ascertaining the freedom to put out the product in the market without infringing any patent rights.