yes, that is correct - it will copy the configurations (declarative + code) to the sandbox.
When you submit the sandbox for refresh , it actually goes to a queue and the processing start when its has its turn.
So you can say the time taken is the amount of time in the queue plus the time to copy content to the new ORG created when refreshing. We cannot calculate the exact amount of time taken but if the config is more - time taken will be more.
You can keep track of the Refresh status and surely reach out to support in case you feel its takes more time than usual to refresh the sandbox.
This actually depends on the amount of configuration you have in your production which needs to be copied over to the sandbox.
My production instance contain 4.5 Lac charcters of apex code.
How much time it will take to refresh all apex code and all metadata?
yes, that is correct - it will copy the configurations (declarative + code) to the sandbox.
When you submit the sandbox for refresh , it actually goes to a queue and the processing start when its has its turn.
So you can say the time taken is the amount of time in the queue plus the time to copy content to the new ORG created when refreshing.
We cannot calculate the exact amount of time taken but if the config is more - time taken will be more.
You can keep track of the Refresh status and surely reach out to support in case you feel its takes more time than usual to refresh the sandbox.