Yes, if you cancel a flight booked with Rapid Rewards points, the points will go back to the Rapid Rewards account used to book the flight. You can choose whether the taxes and fees will be refunded as a method-of-payment refund or a flight credit to be used toward a future flight.

Southwest Airlines Rapid Rewards points are not "refundable" in the sense that you cannot trade them back to the airline for cash once you have earned or purchased them. However, they are 100% "restorable" if you use them to book a flight and then need to cancel. Unlike many other airlines that charge a "redeposit fee" to put miles back into your account, Southwest allows you to cancel any flight booked with points up to 10 minutes before departure, and the points will be returned instantly to your Rapid Rewards account with no penalty. The taxes and fees paid (usually $5.60 for a domestic flight) can either be refunded to your original credit card or held as a future flight credit. Another key benefit of Southwest points is that they never expire, as long as your account remains open. While you can't get your cash back for points you bought, the extreme flexibility in how they are used for travel makes them some of the most "consumer-friendly" points in the aviation industry.