This covers just the basic cpu instructions, no proprietary extensions, no architecture of additional necessities like a gpu, no proprietary firmare for the gpu or anything else. The instruction set of Arm, x86 or whatever is not a secret though. The freedoms in risc-v are mostly concerning the manufacturers, which can build chips using this instruction set without paying any royalties. From a consumer point of view, that at most means one can at most choose from a more organically grown landscape of risc-v chips. Which in turn bears the risk of ending up in a situation, where all we have is a vast jingle of cluttered proprietary extensions, that make it harder to write libre drivers for than it is for Arm today.

Don't get me wrong, risc-v is absolutely amazing! But in terms of freedomness, it would take a manufacturer to extend the spirit of open hardware to the complete SOC - and the basic instruction set is pretty much the smallest piece in that.