>>1033495>>1033498The wobble of a freewheel occurs because inside the freewheel are two sets of loose bearings (same as inside a hub or headset), and when the race is adjusted so the freewheel can spin freely that naturally means it can also move very, very slightly vertically (perpendicular to the axis of rotation) as well. There's nothing wrong with this at all, and the visible wobble you see isn't enough to have any impact on shifting performance.
Freehubs don't (usually) have a perceptible wobble because there are actually three sets of bearings involved: two matching sets just inside the freewheel, and a third because the race for the axle bearings on the driveside of the hub are built into the freehub body. The presence of that third set of bearings tends to inhibit the vertical wobble enough that it's not noticeable anymore.