Is the ticking of a free spinning wheel related to its quality?
No.  Expensive hubs that roll well can be loud or quiet.  Cheap hubs that do not roll well can be loud or quiet.  

There are numerous factors that go into the sound that a hub makes while freewheeling.  Among them are design (engagement points, engagement design, etc), the shape and design of the hub (the sounding chamber to some extent), the material the hub is made out of, the amount and type of lubrication in the system, the drive train running the hub and lastly the build of the wheel itself.  All that being the case it's not possible for the average cyclist to listen to a hub and determine it's quality.  A skilled mechanic may be able to listen to a specific brand and model of hub that they are familiar with and have some idea if is in good working order, however, that is a level of expertise you'll rarely encounter.