It also sets us free from false teachings, from spiritism, from astrology and magic.
Errrrmmm... EVERY JW i know has the superstitious belief of demons living in 2nd hand shirts and vases bought from charity shops. So the average JW doesn't really think they're protected.
I would agree though that the truth really does set you free from fear. Fear of a hebrew sky pixie with an obsession with blood, watching everything we do every minute of the day just biding his time until he nukes 4 billion people for not knowing who he is. Yes, once you stop believing that you can live a happy life free from fear.