Yes but the right of withdrawal in the EU is only for things bought at distance (e.g. over the web or by mail catalog (if anyone still does this, lol)). And it's within 14 days and with some exception (hygiene-sensitive products and custom-order items etc). It
is however allowed to open and use the product as long as you keep it in a pristine state. It also applies to services such as insurance. I recently cancelled my revolut package within 14 days as the benefits were not as good as claimed.
If you buy something in a physical shop it is not a right and dependent on goodwill of the seller. Similar to the US. The thinking is that with buying remotely you don't have the ability to examine the product. The supplier may charge a small restocking fee and charge for return shipping, but most don't do that in practice.
You can also use it to return for things like dead pixels, even though some suppliers try to limit that (e.g. saying you must accept x amount of dead pixels), it's not allowed to refuse that, IF you buy remote.
Funny thing is that it also applies if you order something online for pickup at a physical store. So for things like displays this is highly recommended.