Does the Malta Nomad Residence Permit let me travel freely in the Schengen Area?

As long as your Nomad Residence Permit remains valid, it gives you freedom of movement across the Schengen Area.

The standard limit applies: you may spend up to 90 days within any rolling 180-day period in other Schengen countries outside Malta. Time spent in Malta itself, where you are resident, does not count against that allowance. Keep track of your days carefully if you travel often around Europe.