No. This would open up a bunch of problems.

1. Kids being allowed more freedom could lead them into driving vehicles.

Which could turn out badly because they may not have developed the motor skills required to drive a vehicle or the limb length, which could lead to many accidents.

2. This could lead to more children wanting to smoke cigarettes. Now that they have unlimited freedom who is going to stop them? Smoking cigarettes at a young age will most likely lead to bad cognitive development.

3.They most likely will decide that they no longer want to go to school now that their parents can't make them, due to the unlisted freedom.

Now we have a bunch of people with no education and this can slow down work production widely, due to the lack of qualified people.

Should anyone be allowed unlimited freedom? Thats anarchy.

Speaking from experience, I believe children do much better living within a more structured environment.

No, they shouldn't, because children must understand what is right and what is wrong. But without any restrictions they will not comprehend. Parents should be a kind of instance for them. As to children who are allowed to do anything they want, they just can get into a bad society and consequently get into troubles which will affect them morally of physically. Parents should find a balance between prohibitations and permits. So that the children will be aware about bad and good things.