Yes, it allows for free wheeling if you put the valve in Neutral. A valve that is not a motor spool that is.
Let's say you're powering the mower with a regular spool valve meant for a cylinder (as in A & B ports blocked in Neutral). If you put that valve in Neutral without the check valve, something would pop, either a hose or most likely the motor would blow the seals or crack the housing with the excess pressure. With the check valve, it allows fluid to recirculate in its own short circuit.
Possible solution would be to install a cross port relief in parallel with the check to absorb the water hammer shock of the blades stalling. In theory the system relief on your BobCat will limit pressure but the issue is the length of the line between the implement and the relief and the inertia induced water hammer which can also potentially damage the motor.