I am quite interested to hear from some advanced practitioners: in what way is the arahat free from craving / aversion?

From my perspective, they no longer identify with phenomena as constituting a separate self/other. These phenomena continue to arise on an elemental level but not on a compounded level (this relates to the 'second arrow' simile that Buddha used). In this sense, the phenomena that you mention are no longer experienced in a relative (compounded) way and the underlying elemental (energetic?) phenomena tend to unwind (unbind) yielding a sense of spaciousness and freedom. It marks a complete break - end of - relative existence.