Yes, if rear drive shaft is disconnected and transfer case is in 2WD then transfer case chain and gear would still be spinning from always locked front hubs and front drive shaft but not transmission, manual or auto
Transfer case splits power equally in 4WD so I wouldn't see an issue as far as strength of front axle system driving around with FWD only, it will "pull" when cornering just like it does in 4WD normally
You can also add transfer case Neutral switch, so rear drive shaft can stay connected
All Ranger BW1350 or 1354 transfer cases have Neutral, its just not a selection on the electric models, but can be added
Manual transfer case have Neutral on the shifter
If this is just a one off towing job then probably not worth it
Last part number I have for the neutral tow kit is 3L2Z-7H332-AA, I think that's for 2004-2011
Run about $200-$250
And I think Ford does need to change software, so some reprogramming required
Part is discontinued but you can still find them
Its literally just a Green LED and some wire, its the programming part that's needed