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You can check the status of the refund here:
https://help.steampowered.com/en/wizard/HelpRequests
Never rely on a refund to make a purchase.
I absolutely guarantee that no one from Steam Support ever reads or answers here. Spawn o'T has a good point, if the gift was accepted, no action possible. I think the longest I ever waited for a refund was 5 days (and 3 of those were a holiday weekend).
Be persistent. Steam is pretty rigid about their Terms of Service, but also pretty excellent about honoring it. Good luck!
No, the moment your refund is accepted, the credits go to your wallet in max 2 days.
Edit:
Where is my refund?
My refund was approved, but it’s been more than 7 days.
Approved refunds can take up to 7 days to appear in your account – however, refunds to international payment methods may take longer. If your refund hasn’t appeared after 7 days, please contact your bank directly and ask about pending refunds on your account.
When a refund request is approved within 24 hours of the purchase, the original transaction is cancelled and the charge drops off your bank statement. In this case, you will not see a credit on your account. This process can take up to 10 days – wait time for international payment methods may vary.
Source:
https://help.steampowered.com/en/faqs/view/5FDE-BA65-ACCE-A411
Usually, if a refund is going to your Steam Wallet, you should be able to see it "Pending" when you click on "Account Details" and look at your Wallet Balance (it should show you the money that is pending and how long it will take)
If you don't see it there, take a screenshot of your Wallet Balance not showing the refund or whatever, contact Steam Support, attach the image and let them know what is up.
If the money isn't going to a bank, then yeah, you definitely gotta let Support know.
It is mentioned in the link btw
If you request a refund and the money never left your bank account in the first place, "refunds" are quick as they just cancel the transaction.
If the money has left but you are crediting to Steam wallet it's going to be quicker than if you credit to your bank account or debit card. That will typically take up to 3 working days extra on top.
The slowest is if you're crediting to a credit card as they can take anything up to 7 working days.