Yes, the arms (except for a little bit of tension at the elbows towards each other), are relaxed and simply whip through to the finish. One other "feeling" of tension is the wrists "holding" the shape of flat to slightly bowed out front wrist* and the bent-in back wrist. There are no control/directing movements. Ideally, if you've taken your grip with a square club face**, you can freely swing the arms/club as fast as you want. It is not good to have any tension in the upper arms, into the shoulders. That will choke off the freedom of the body moving the arms/club. As for you last comment. There is a fine line between controlling the club face square, with the shaft in line with the front arm vs. flipping or throwing the club head. I did spend many years trying to just maintain even, equal grip pressure with very good results, but found there is more control holding the shape (lightly).
* In theory, the back of the front wrist would point towards the target coming through impact. ** If you setup with the club face aligned square with the back of the front wrist, ... in theory the ball would go were the back of the front wrist is pointing at impact. I believe that back-of-the-front-wrist saying came from Lee Trevino (and I agree).
Move Less ... Get Good! DUPLESSISGOLF