Sony has revised the refund and cancellation policies for pre-orders and purchases through the PlayStation Store. Under the new policies, you can refund pre-orders and purchases, but only under certain criteria.
According to the store cancellation policy, you can cancel a digital purchase within 14 days of purchasing it and receive a refund, as long as you haven't begun to download it or stream it already. If you have started to use it, the content must be "faulty" to obtain a refund. Pre-orders can be cancelled and refunded anytime before release, or within 14 days after payment was taken for your pre-order even if the release date has passed, with the same restrictions. Finally, the same policy will apply to season passes and promotional bundles.
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The site notes that this only applies to consumables ordered directly through the PlayStation Store, since purchasing through a game itself delivers the content immediately and therefore isn't eligible for refund. It also suggests turning off automatic downloads if you think you may need a refund on a pre-order, since automatically downloading it when it's available will make you ineligible as well.
Subscription services like PlayStation Plus, PlayStation Now, and Spotify Premium can be refunded within 14 days, even if the subscription has started, but the refund amount could be pro-rata for the time you've already had it.
We recently heard reports that Sony was giving refunds to some players who had purchased Anthem on PS4, following a crashing bug. That would be permissible under the defective part of this clearer policy. Those refunds were given through contacting support, which is the method advised in the cancellation policy page.