No and no.
It means sin does not control us any more, that we have the ability to say no to sinning. As long as we’re in this body, we can sin because the flesh is still with us.
Yes, one can sin if one chooses to sin and nobody ever said or suggested that there are no consequences to sin. Sin always has consequences but God will not take away our salvation for it, rather He disciplines us.
Catholics seem to think, at least I’ve never met any one who thinks differently on it, that the only consequence to sin is the loss of salvation. They are mentally stuck in that paradigm.
It seems to be beyond their comprehension that a saved person can sin and still be saved.
The reality is, that another consequence to sin is God’s discipline. That’s what He uses on His children. He doesn’t disown them for their sin.
Selah! Here is wisdom.