I guess the real question is what you mean with "freed". If you mean that DB2 frees the disc space and makes it available for other files in the file system, the answer is: no, DB2 doesn't do that automatically. You need a reorg for that. But if you mean that pages are free to be reused by other, new LOBs, then the answer is: yes.
Whether the LOB object page counter is a high water mark or counts the amount of allocated and occupied pages, I do not know - did you have a look at the manual for this counter?
Also, a table is just a logical construct and a reorg cannot free anything from a table. It can free pages in a tablespace.
I'm just giving an educated guess now: free/unused LOB pages in a table space can be reused by any new/updated LOB going in this (long) tablespace. So the pages are not "bound" to some table.