I cancelled five bookings last Sunday. On three of them the cash and Avios was refunded immediately. The other two I am still waiting for. I rang GGL this morning for an update, and the two that haven't been refunded yet are with the Servicing team for manual refund. These two went to them as I had made changed to the bookings that had previously resulted in them being re-issued. It seems the system can't auto-refund if the ticket has previously been re-issued.
I asked when the remaining two refunds would be processed and the lady explained they still have a massive backlog form the NYC storms (!), but she hoped it wouldn't take too much longer.
I'm not in any major rush for the refund so did not press it further.