Yes, the free version offers a huge amount of game play, but the full game does require the full license.
Free version: allows to play as a Warrior or a Rogue. It includes 30 areas, 29 completable quests (others partially completable), around 30 hours of gameplay, with a level cap adequate to the areas available.
Full version: a single in-app purchase which unlocks everything, forever (no micro-transactions). Includes 135 areas, 90 quests (plus randomly generated quests), over 400 dialogues, counting over 130,000 words; approximately 120+ hours of gameplay. Additionally, the full version unlocks the Iron-Man mode (permadeath) and makes the Cleric and Mage classes available.