I don't know if they can reasonably judge the game within the 2 hours frame for refund. (Some game now do a very long shader compilation that can eat 30 minutes of your time.) The tutorial/beginning stage of the game are usually the most polished, but the latter part of the game could become very hollow.
Yeah. I'd put a tonne of time into Skyrim before I realized it was crap. The game was very good at convincing you that maybe the next quest-chain would be better, or maybe it would be better with a different character build. Spoiler: It wasn't.