Why does Magwitch say Pip cannot appreciate freedom the way he does? How accurate is his theory?

Pip has never been incarcerated or had his freedom limited; Magwitch had lived without freedom more than he'd ever known the ability to move freely around. Even when out of prison (escaped), he could never let his guard down, it was all about keeping his guard up and being aware of every movement around him. Pip could never appreciate Magwitch's feelings because he'd never experienced them.