So to you it doesn't really sound the same as 'She has time now/She is free now'? Does it sound a bit more specific?
If she has no schedule now, then it can certainly mean she is free now. It really depends on context.
How would you interpret this sentence?
She has no schedule.
No, it doesn't mean "She has time/is free now". If anything it's rather more vague than it is specific.
It's impossible to interpret without more information/context.
But you wouldn't come up with that expression when you simply have time, would you?