Is it true that for a noncommutative $R$, a module $P$ is f.g projective iff $\mathsf{hom}(P,R)=P^\ast \cong P$?
Here's what I thought of as a proof: Since $(-)^\ast$ is additive, it preserves biproduct diagrams. The projective modules are the direct summands of free modules, and f.g projective modules can be taken as direct summands of f.g free modules. For finitely generated free modules the result is known. Then write $F=P\oplus Q$ for $F$ f.g free and apply the dualizing functor. Since its additive we have $P\oplus Q=F\cong F^\ast =P^\ast \oplus Q^\ast$ and this means (I think) that $P^\ast \cong P$ as desired. So it seems the only difference from the $P\cong P^{\ast\ast}$ is just that this isomorphism is not natural.
Is the above proof correct? What's the justification for inferring $P\cong P^\ast$ from the biproduct diagrams?