Yes they will, it will just take time for you to see the money.
How long refunds from the App Store or other Apple services take - https://support.apple.com/HT210904 - "After you request a refund, you'll receive an update within 48 hours." "[If your request was granted] the time it takes for the money to appear on your account or statement depends on the payment method."
- Store credit: 48 hours
- Mobile phone billing: Up to 60 dys
- Other payment methods: Up to 30 days for it to appear on a statement. [I presume that's if you simply wait for your monthly statement to arrive. You may see it sooner if you check more frequently online but typically it may take a week or two.]