Yes and no.
Yes it is the free-hub...
No it is not something that you have to or should wait until it "wears in".
Many manufactureres use a lighter grease so the pawls will ratchet faster esp at first...
Or either the grease is washed out and they get louder until they begin to rust. Then they will get quieter as they wear really fast.
One sure fire way to quiet your freehub is to open it and repack the ratche area with more/thicker grease.
I simply open it up about twice a year and wipe out the old grease and repack it.
Typically you can take the freehub apart fairly easily on such wheels as Rolf, Spinnergy and Mavic. Repack these freehubs with a nice teflon grease such as Finishline Teflon grease.
Shimano hubs may be easy or hard to open depending on the model. You may damage it prying out some of the covers without special tools.
An alternative esp for the Shimano and other freehubs that cannot be easily opened is to pull off the cassette and pour a nice heavy oil... I prefer 30Wt Quaker State... Around the covers of the free wheel (the area where the threads where the nut that holds on the cassette are)... Just put enough to cover it fairly well and then just let the wheel sit on its side for about an hour.
When you return the oil will be gone as it is now in the free-hub. spin the hub and listen... Still noisy... Repeat the process up to three times....
Your hubs will run nice and quite.
JBP