Yes. The only players that teams hold indefinite rights to are players drafted out of the KHL, MHL, VHL or another Russian league. All other players can be UFAs in 4 years.
If they are drafted out of the CHL, they can re-enter the draft in 2 years and become a UFA in 4 years if they also don't sign with the second team that drafts them.
Players that are drafted and go the NCAA route, are UFAs in 4 years if unsigned.
Players drafted out of Europe (excluding Russia), are UFAs in 4 years if unsigned.