I feel the same way, just for a slightly different reason. Our passes would have expired during the closure, but we renewed them thinking we’d be able to go once the parks reopened. However, we’re Canadian and the border is closed. If we’d known that the border would still be closed a year later, we definitely would have gotten a refund rather than the extension. Our current expiry date is October 2021, thanks to the extension, but who knows if we’ll be able to get across the border before then. Would have been much better to have gotten the refund and then bought new AP vouchers to activate once the border opens.
Very frustrating, and I really feel like those of us who renewed in good faith and let Disney keep our money are getting shafted.