Yes this is VERY VERY WRONG! 

I've just phoned Ebay four times now and told different answers by each CS agent I speak to: 

1. Refund will appear automatically overnight OR within 24h OR within 48h OR within 72h. 

or

2. Seller still has to fill out the form and wait 14-days to get your own money back for the shipping label you never ordered (due to cancelling the order). 

...I'll wait until midnight and see if the 2.94 shipping fee magically appears in my selling account or not.  Then report back. But I bet you it's not there in a couple of hours.