Yes, but check the terms and conditions of the online betting provider. When you place a free bet, any returns do not include the stake of the free bet So, you would only be offered Cash Out offer if the offer is worth enough to give you a return on the bet.
For example, let’s imagine you placed a bet on a 3-fold football (treble). If live betting was only offered in the first two of these markets, then once the third game had kicked off, Cash Out would be unavailable to you.