That’s a very good question!
The answer is actually no, because we imagined some sneaky folks might use it as a conversion tool to convert one arcane to another by repeatedly traiting & refunding a troop.
However, we weren’t PLANNING on offering refunds for any of the 3 (I THINK it is currently 3?) color-changed troops, since nobody much (apart from Zelarith below it seems!!! 
) was using them anyway, and in all 3 cases they’ve also received a decent buff.