<p>Utilizing the framework of free probability, we analyze the spectral and operator statistics of the Rosenzweig-Porter random matrix ensembles, which exhibit a rich phase structure encompassing ergodic, fractal, and localized regimes. Leveraging subordination formulae, we develop a perturbative scheme that yields semi-analytic expressions for the density of states up to second order in system size, in good agreement with numerical results. We compute higher-point correlation functions in the ergodic regime using both numerical and suitable analytic approximations. Our analysis of operator statistics for various spin operators across these regimes reveals close agreement with free probability predictions in the ergodic phase, in contrast to persistent deviations observed in the fractal and localized phases, even at late times. Notably, the fractal phase exhibits <i>partial freeness</i> while retaining memory of the initial spectrum, highlighting the importance of non-localized eigenstates and associated with the late-time dynamics of <i>cumulative out-of-time-ordered-correlators</i> (OTOCs). Employing distance measures and statistical tools such as the <i>χ</i>² statistic, Kullback-Leibler divergence, and Kolmogorov-Smirnov hypothesis testing, we define a characteristic time scale — the <i>free time</i> — that marks the onset of the validity of free probability predictions for operator spectral statistics in the ergodic phase. Remarkably, our findings demonstrate consistency across these different approaches.</p>