Cancelling a reward flight £2 booking

I would like to cancel an avios booking for which I paid £2 plus 39,000 avios (for 2 people). I remember reading that the cancellation charges are capped at the amount you paid ie £2 and the avios are refunded immediately. What’s more, the cancellation can be done online.

Has this changed in any way?

When I go online to cancel, I am faced a form to fill in, and this statement:

“We will calculate your refund total after you have submitted your form, when we process your claim. The refund amount will be based on our terms and conditions and is final and non-negotiable. Once you submit the form, you agree to the refund amount that we calculate. Under normal circumstances your refund will be processed within 7 working days of form submission, but please be aware that it may take up to two billing cycles before appearing on your credit card statement.”

How does this play out in reality?