Question

a freely falling body under the action of gravity obeys conservation of energy

Answer 1

Yeah, As the when the body will be present on its initial point it will only have the potential energy. In the middle of its route where it is falling, it will contain potential energy as well as kinetic energy and when it will reach its destination, then it will only have kinetic energy. So here the potential energy has been turned into kinetic energy, following the law of conservation of energy.
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Answer 2

Hi! buddy
here is my answer

in case of a free falling body and vertically projected the sum of potential energy and kinetic energies (mechanical energy) at any point is constant