Not quite. In these Bitcoin exchanges, you don't really truly control your wallet. The exchange does. They have full access and control of your wallet. This allows them to automate transfers. In reality, you don't actually possess the bitcoin, they do. So they can simply reverse the transaction.
Much like your money in your bank isn't truly in your control, it's under the banks control. They can move things around on their ledger and if they make a mistake they can reverse it.
Now, if this wasn't an exchange and instead you were talking about people who self-manage their wallet and the bitcoin had been transferred to them, then no, they wouldn't have been able to reverse the transaction. Just like if someone had handed over the actual cash to someone, they wouldn't be able to get it back.