But to answer your question, no. A wolf released into the wilds does not become a WW for other people to find. If you're familiar with Flight Rising and exalting, releasing is basically that same concept. They just wander off into the wilds never to be seen again. Depending on their level you get better rewards. For example, a level 1 wolf released only nets in 1k pebbles, while a wolf leveled to 10 will net you 10k pebbles and 1 knucklebone. It's basically just a way to manage your den space instead of waiting for them to sell in the FM.
WWs are just a randomly generated Wolf. Will give a random common breed (Lupin, Jocol or Kit) and a random pattern between Timber, Brush and Cozen. Colours are also completely random