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No it doesn't! This same question has been asked several times on their forum as well. It's been like this for about a year afaik.
Edit: It's since August 2015 to be exact and general consensus is that it's not because Gabe is greedy but because they couldn't think of a way to get it to work with the refund system (or coudn't be arsed more likely).
"Refunds on Bundles
You can receive a full refund for any bundle purchased on the Steam Store, so long as none of the items in the bundle have been transferred, and if the combined usage time for all items in the bundle is less than two hours."
4-pack bundles will make so many problems with refunding because people never read the ToS. Technically the 4-pack is refundable. In reality most of the attempts to refund the packs will fail because one of the conditions is not met. But the buyers will blame Steam for it. This probable loss of reputation is not acceptable for a company nowadays. Not when there are other ways.
easy solution: get rid of the 4-pack, add possibility to buy game as gift, have a seasonal-sale
result: games are refundable, still safe money on sales, happy customers
just my opinion
<3