Delta flight refund question

Tl;dr: if I rebook my non-refundable flight to a refundable ticket (for a different location), will I be able to cancel and refund fully my new ticket?

Full Question:

I bought a non-refundable ticket with Delta (Toronto to Salt Lake City), but I can exchange it for another flight (same cost or cover the difference)/or get flight credit if I want to. If I use that option: cancel my flight and exchange my ticket for another ticket (any fully refundable ticket), but this time book a fully refundable option. Will that re-fundable ticket allow me to then cancel and get all of my money back?