1. Neutered animals still hunt, one single racoon released in a small Spanish Island by idiots almost wiped the entire colony of an endangered marine bird in two years.
2. One problem does not exclude the other. Ferrets live in freshwater systems. Can swim and eat amphibians, fishes and molluscs. They know how to manage toads to remove the poison glands and then eat the toad entire. Feral cats don't like frogs, and avoid entering in water unless necessary. Cats favor to live near humans and are quickly extirpated from wild areas with raptors. Ferrets instead, dive into crevices and rocks, remain hidden and are much more hard to hunt.
3. They could and they should be eliminated if you want to save the Californian fauna. In any case "I want to be allowed to violate the law in my state, because the other states don't care and is free for all there" is a false dichotomy.
4. Not. You would just increase the number of ferrets and the probability of escape. To start, entire litters would be released by the animalist crew (100% of probability if the species is legally allowed to breed). Moreover, ferrets aren't dogs, they enter in each hole of crevice that see, and need to investigate it, even for days. They will not return to you when you call them so (unlike cats and dogs), if you let your pet play in the garden alone for one minute, you will lose it. Entire females in heat are an "hormonal bomb" they either mate or die by stress if let alone. This mean that they travel a lot in search of a male.