I guess it depends what you mean by "meaningful interpretation".
If s is a base functor for a recursive data type and a corecursive codata type, like the following functor s ~ ListF e for the recursive list data type [e] (which, in Haskell, is also a corecursive stream codata type):
{-# LANGUAGE DeriveFunctor #-}
data ListF e b = Nil | Cons e b deriving (Show, Functor)
then an s-coalgebra of type a -> s a together with a starting seed a can generate a value of codata type [e] by unfolding from that seed, while an s-algebra of type s b -> b can consume a value of data type [e] by folding into a value of type b. The refold function just combines the operation of unfolding from a and folding into b, without actually creating an intermediate codata/data type.
For example, you can generate the (finite) codata stream [10,9..1] by unfolding from an Integer seed using the starting value / coalgebra pair (a,g) as follows:
a :: Integer
a = 10
g :: Integer -> (ListF Integer) Integer
g 0 = Nil
g n = Cons n (n-1)
and fold a list to calculate its Int length using the algebra:
f :: (ListF Integer) Int -> Int
f Nil = 0
f (Cons _ b) = 1 + b
The refold function just combines these operations:
main = print $ refold f g a
In this particular case, it calculates the length 10 of the stream/list [1..10] without actually creating any intermediate stream/list.
I guess the intuition is that if an operation can be imagined as an F-recursion applied to an F-corecursion for the same functor F, then it's a refold. Or, maybe more practically, if an algorithm has an internal recursive structure that matches the functor F, it can be expressed as a refold. The documentation for refold in recursion-schemes gives the example of quicksort having a recursive structure that matches a binary tree, though you've presumably already seen that example.
Note: What follows is wrong or at best imprecise, but I'll try to think a little more about it.
In practice, refold isn't only used as a morphism between universal data types, but if you have a final s-coalgebra for a codata type C associated with the functor s:
eatC :: C -> ListF Integer C
and an initial s-algebra for a data type D also associated with the functor s:
makeD :: ListF Integer D -> D
then refold makeD eatC should be a natural morphism from codata type C to data type D. That is, it should be the unique morphism satsifying:
fmap h . refold makeD eatC = refold makeD eatC . fmap h
I'm not sure that aspect is tremendously interesting...