They should.
The refund policy isn't perfect though, it has been needing more nuance added for a very long time now.
This is just one case, but there are others.
For example, some games take a long ass time to compile shaders, I've seen people spend 30 minutes just to do that.
Some games have launchers to go through and accounts to make, some games have server issues (looking back at New World for example), some games have very long character creation systems (and you generally don't want to rush character creation, or do you?).
A 2 hours play time no question asked for refunds is just a way for them to have it easier on their end.