The statement is true. Fix an isomorphism , and write the inverse image of the first standard basis vector as
Define
Since , this is a split surjection. Tensor its splitting with . The resulting split surjection has the form
Thus is a direct summand of a finite free module, so it is a projective module. Symmetry gives the same conclusion for . This is projectivity of factors of a nonzero finite free tensor product.

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