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For $\delta \ge 0$, a geodesic metric space is $\delta$-hyperbolic when each side of every metric geodesic triangle lies in the closed $\delta$-neighbourhood of the other two sides.

Each factor is a free abelian group of rank two. Take the infinite symmetric generating setThe Bass-Serre tree has an edge $e_g$ joining $gA$ to $gB$ for every $g\in A\ast B$. Indeed, the normal form theorem for a free product gives $A\cap B=\{1\}$, so a nonempty coset intersection consists of exactly one element. Let $m_g$ be the midpoint of $e_g$ and send the Cayley vertex $g$ to $m_g$.

Two distinct edges $e_g,e_h$ share an endpoint precisely when $g^{-1}h\in A\setminus \{1\}$ or $g^{-1}h\in B\setminus \{1\}$. This is exactly adjacency in the Cayley graph for $S$. A path in that graph therefore gives a path between the midpoints of the same length in the tree. Conversely, the unique tree segment between two edge midpoints passes through a succession of adjacent edges and gives a Cayley path of that length. Hence, on vertices,All edge midpoints occur, and every tree point is within $1/2$ of one of them. Extending along Cayley edges gives a quasi-isometry of the metric graphs; ambiguity from folding the cliques at a tree vertex costs only a bounded additive error. This is the free product with factor generating set construction.

For finite generating sets the answer changes. Use $S_0=\{a,a^{\prime },b,b^{\prime }{\}}^{\pm 1}$. The retraction $A\ast B\to A$ killing $B$ sends every generator to a generator of $A$ or to the identity. Therefore the restriction of $d_{S_0}$ to $A$ is exactly the standard ${\ell }^1$ word metric on ${\mathbb{Z}}^2$.

In this grid, take vertices $(0,0),(2N,0),(0,2N)$. Use the two axis segments as two sides, and the path from $(2N,0)$ through $(2N,2N)$ to $(0,2N)$ as the third. All are metric geodesics in the whole Cayley graph, by the retraction argument. The corner $(2N,2N)$ is at distance $2N$ from either of the other sides. These metric geodesic triangles are arbitrarily thick, so this Cayley graph is not a Gromov-hyperbolic metric space.

A tree is $0$-hyperbolic. Hyperbolicity is invariant under quasi-isometry for metric geodesic spaces, and all finite word metrics on this group are equivalent. Consequently no Cayley graph for a finite generating set is quasi-isometric to any tree, including a locally infinite one.