yes! we were issued over $500 in credits for our family of four for our march trip. the price dropped 2x in two days.
you can do the credit online, it's simple, however, at the time we tried, there was an issue with the website so we had to call. it's worth checking your flight daily, even multiple times daily. prices change all the time and it's nice to get that credit.
take note that the credit will be towards future flights on SW, per person, non-transferrable, and will need to be used within one year