No. The terms state that winnings from Free Spins are credited as bonus money. The first-deposit bonus and these winnings are both subject to 200× wagering before the bonus balance turns into withdrawable cash. The slogan “700 free spins” therefore says nothing about how much the player will ultimately withdraw.
As a measure of difficulty, the terms themselves give an example: with a 100 USD bonus and games counted at 100%, 200× wagering means bets of roughly 20,000 USD. This is the total of bets, not a requirement to deposit another 20,000 USD. A player may lose the balance while playing before completing the requirement.
On a slot machine, according to the rules, bets count towards wagering at 100%. Table and live games generally count only at 2%, and some specific games not at all. Anyone planning to play through the bonus on roulette or blackjack should therefore check the contribution of these games in the terms beforehand.
If a player withdraws the cash portion of the account during the first deposits, the terms speak of losing the remaining bonus balance, including related rewards not yet credited. With a seven-day promotion this matters also because part of the Free Spins may only be scheduled for later days.