Medo Kamara headed the Trotters in front, with Joe Mason and Jay Spearing adding further goals either side of half-time.
Andre Moritz then scored from distance in the dying seconds for Bolton's biggest victory of the campaign, and Freedman believes his side could have won by an even greater margin.
Freedman said: "I think we deserved more but I was really pleased with our intent today. I can't sit here and praise one particular player because everyone played well.
"I think the fans deserve the credit today, though, because they've not had a lot to shout about this season and they pay good money.
"Blackburn are a good decent team so don't be fooled by the result today. There was one little slip from us in the first half but apart from that it was some really good stuff that we played out there.
"It could have been more but I'll settle for 4-0. And, like I said, that was for the fans today."
Although he did not make his debut, Freedman also expressed his delight at signing Alan Hutton on loan from Aston Villa.
The manager said: "He is a good experienced player and we felt that in this tough period, where there's a lot of games, we need as many bodies as we can get and Alan Hutton is a proven Premier League player and international."
Rovers boss Gary Bowyer was bitterly disappointed with the lack of fight his team showed after they were sent down to their biggest league defeat this season.
The result ends a five-game unbeaten run for Blackburn, who are now six points adrift of the top six, and Bowyer was displeased with when his side conceded.
Bowyer said: "I thought the first goal was crucial. We had two very good opportunities and their keeper made two very good saves.
"But we're disappointed with the manner of the goals we've conceded, to be honest. It was out of the blue from the standards that we've set ourselves this season.
"Our results have been decent but it's a local derby and I did not think we displayed enough passion.
"We're also disappointed with the timings of the goals we've conceded. It was not acceptable from us."
Bowyer was also unhappy with the assistant referee's decision to award Wanderers' third goal.
He added: "We had to put three up front and have a go at it at half-time. But the timing of the third goal and for the linesman to see that the ball has gone over the line from his position - if you see his position, he's got some eyesight.
"But congratulations to him because he got it right, though. I must ask him where he goes for his eye tests."