Is it feasible to be a contract/freelance product manager?

I have a background in both software engineering and product management. I really enjoy both, but more people seem to identify me as a product manager since that's most of my past experience (except for my side hustle).

I recently started a contract product manager position that I got through a contact at the company's executive level. They've given me a specific project to work on, but I can tell their goal is really to hire me into a full time position.

I like the idea of having 1-3 different contracting gigs all the time. Working on different problems is appealing. Not getting sucked into a degrading corporate role is appealing. Being able to pick and choose what I work on is appealing.

I'm realizing that one of the challenges of contract product work (say as compared to contract engineering work) is that you need much more domain expertise to be effective. I'm a few weeks into getting my feet wet at the first contract and I'm just starting to really understand a segment of their business. I think this might be ok because I've identified some low hanging fruit that they're blind to due to them working on the problem for so long. Maybe my value is just having fresh eyes?

Does any have any experience doing contract/freelance work? My main goal is just to keep myself flexible.