To a degree. They will only refund you if the seller does not ship the item or the item is significantly not as described. But if you make a regular habit of returning items, they may limit or stop your ability to buy on eBay.
I don't accept "hassle free" returns on eBay because a lot of buyers abuse that feature. If I stated that I accepted hassle free returns, a buyer can return it for any reason, including finding it somewhere else at a lower price. I would also have to pay shipping charges both ways, which isn't right.