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Yes and no.  Depends on the ticket you book.  Here's the official word:

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Yes, you can cancel your flight. Cancellation penalties vary based on the type of ticket that you purchased. Non-refundable tickets will not provide a refund; however, some airlines will issue you a credit for the value of your air ticket valid for one year from the date of purchase. 

At the time of cancellation if the ticket holds a value to use for future travel, additional fees and penalties may apply at the time of re-using the ticket value. If you have purchased a refundable ticket (with fee), cancellations are subject to a fee with the balance refunded to the last form of payment used on your cruise reservation.

https://www.royalcaribbean.com/faq/questions/can-i-cancel-my-flight-booked-through-the-air2sea-program

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I don't see that it would need to be cancelled, just adjusted. I just had a customer find a $50 lower price for each ticket for his family of four. "Air2Sea" made sure the ticket price he found was not a promotional rate before they refunded his credit card the $200 to honor their "best price" guarantee.

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On 9/7/2021 at 12:03 PM, spursfreak21 said:

Hello all, I’ve been tracking the Air2Sea prices for my 2022 cruise out of Orlando. The prices keep going up. When you use Air2sea, can you continue to check prices and cancel/rebook if the price does down? Similar to the cruise planner strategy? 

I have Air2Sea tickets booked (refundable) and I have re-priced my flights several times already.

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