There are plenty of random events and other things to do in free roam, (hunting, robbing, killing, etc..), although, I'd imagine the random events would repeat over time.
The world doesn't open up until the start of Chapter 2 so you'd have to slog through some story at the beginning. And at Chapter 2 you only have half of the map to play in. As far as I understand, you need to be close to finishing the story to open up the other half.
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