It means what it says, But if you are led by the Spirit,
you are not under the law. Galatians 5:18
Not under obligation to the law of Moses.
Not under the law, period.
You added the word condemnation.
And you add "of Moses". The fact that the same author (Paul) tells us the law has "been established (stands) through faith" (Rom 3:31) proves it doesn't mean its been abolished or that we don't have to obey it.
The Holy Spirit does not lead us to keep the works of the law, since that law was abolished in His flesh.
Please harmonize your words with Ezekiel 36:26-27:
A new heart also will I give you, and a new spirit will I put within you: and I will take away the stony heart out of your flesh, and I will give you an heart of flesh.
And I will put my spirit within you, and cause you to walk in my statutes, and ye shall keep my judgments, and do them.
The Covenant Maker became flesh, and when His flesh died, so did the law of commandments contained in ordinances that was added.
The Covenant maker was Almighty Yahweh (Yeshua's Father):
Deu 18:15 The LORD (YHWH) thy God will raise up unto thee a Prophet from the midst of thee, of thy brethren, like unto me; unto him ye shall hearken;
Deu 18:16 According to all that thou desiredst of the LORD (YHWH) thy God in Horeb in the day of the assembly, saying, Let me not hear again the voice of the LORD (YHWH) my God, neither let me see this great fire any more, that I die not.
Deu 18:17 And the LORD (YHWH) said unto me, They have well spoken that which they have spoken.
Deu 18:18 I will raise them up a Prophet from among their brethren, like unto thee, and will put my words in his mouth; and he shall speak unto them all that I shall command him.
The "YHWH" of verse 16 is the Covenant maker. He would eventually raise up Yeshua as the prophesied Prophet. Yahweh has inherent immortality. He cannot die. His Son, however, did die, but did not abolish the law (Mt 5:17-19).
14 For He Himself is our peace, who has made both one, and has broken down the middle wall of separation, 15 having abolished in His flesh the enmity, that is, the law of commandments contained in ordinances, so as to create in Himself one new man from the two, thus making peace,16 and that He might reconcile them both to God in one body through the cross, thereby putting to death the enmity.
Ephesians 2:14-16
The law of Moses was abolished in His flesh.
We have been through this before. Suffice it to say, this passage is not talking about Yahweh's holy law, but about man made laws (dogma) that caused a hatred (enmity) between Jews and Gentiles.