Yes, absolutely the case.
I recently canceled a flight where I had also purchased the "move to first class" offer for $199 shortly prior to the flight date.
I just canceled that flight and, while the ticket goes back into my account for future use, I did submit a refund request for the $199, which came with its own Ticket Number, separate from the original flight ticket. They were actually pretty prompt about it and refunded the amount to my credit card in a few days.