tl;dr , NCsoft has destroyed lineage 2 and there is no chance for this game to get back to it's GLORY DAYS!
No. You cannot reach endgame content if you don't spend real money in this game. Being a pve/f2p player will take years to reach this content and then new content will be introduced. This means you will always be behind everyone.
Top items cannot be dropped from monsters/raids, you can only get them if you gamble in the l2 store promotion "events". Normal raids have a chance ofc to drop the normal armors like eternal/leviathan and krishna weapons but then you must enchant them and upgrade them to enhanced/bloody/limited. Keep in mind that all open field raid bosses are being killed by other players. All the other items like Gems (ruby, red cats eye, diamond etc, brooch, dragon shirt blablabla are obtainable from l2 store, ONLY)
A very recent example is this: https://www.lineage2.com/news/circlet-and-dragon-shirt-upgrade-packages
As you can see in the article i've posted above, NC has reduced the chances to obtain Crystal of Dawn in the game as a DROP from monsters and they've added them for real money. This is what they do.
Every item in the game is extremely overpriced. There are few people with endgame gear and they control all the market. You need to pay more than 70billions for the "cheapest" Dragon Shirt and/or Circlet to get stats +5 and +10%.
The latest update "Storm of Terror" that went live last Wednesday made the mobs (monsters) even harder for ppl 105 to 115 lvl. No chance to get items, no chance to enjoy the game.
In order to level up you MUST leave your character on auto farm 24/7 , from one weekly maintenance to the next. Your PC must always be on.
NCSoft Team has made the game this way and it requires huge amount of real money, even if you want to go for normal xp. Instances and Epic raids are far from what they say. They have adjusted (reduced) the XP from mobs to force you buy XP potions.
Of course you can login and check by yourself, especially now that they gave everyone the free exalted armor with XP/BUFF potions (save them for double xp event next month) but don't expect to make progress as a f2p/pve player.
Last but not least, don't get "fooled" by other players when they say "i am a f2p player". Endgame content is impossible to be achieved as a f2p player, so, don't believe them. Every person you see in the game has spent and still spending insane amount of money.