Yes, EB will refund but the deadline for doing a new booking is relatively short; a couple of weeks as I recall it.

In 2020 my CPH-HKG EB award had significant schedule changes. I called EB, cancelled and was refunded the non-expired points and told to state the PNR/ticket No. when doing a new booking. When I made a new EB booking (by phone) a few days later the expired points were manually deducted from the EB points that I had to pay for the new award ticket. The new ticket was also to HKG so it was the same amount of EB points required (I'm not sure if that made a difference, but it was definitely a new ticket as the PNR No. changed for the new EB award).