I’d feel worse if I spent my hard earned money on something that the recipient didn’t like and it sat in a closet gathering dust for a few years till it went to goodwill. If I’m going to take money away from myself and use it to buy you a gift, I want you to actually like it. Otherwise it’s a waste.
Exchange for another gift or size, yes. Exchange for cash? Not sure about that. I guess it really amounts to the same thing but something about it makes me uneasy.