@Ben3813 I face a similar situation as well. I booked an accomodation in Sydney, Australia in Nov 2019 for a family trip with elderly and an infant planned for Apr 2020. Covid19 happened, and Airbnb only had the option to refund via travel credits to be used by 30 Dec 21.
As you rightly said, the situation is an evolving one, with multiple changes in travel restrictions of countries across the world and new variants of Covid19 further worsening the situation and increasing the risks of travel. The problem has gone on for a longer period of time that many thought it would - Airbnb thought a year would cut it, hence placing the expiry of the travel credits as Dec 21.
Well, they should definitely review the situation and either extend the expiry date of the travel credits, or allow for full cash refund -- an option that was not available to us, the group if Airbnb customers first hit by the pandemic.
I have tried writing to them once in Sep 2020, after seeing that the pandemic situation has not improved globally, but the customer service stuck deadbeat to quoting me the policy.
I do not understand why as customers we have to beg for our money back and scramble through lengthy policy writings only to find no answers, instead of having the company - especially one trying to make a international mark on the travel scene as a provider of unique travel experiences - reach out to us to understand our difficulties and be more open in offering options. Instead, the impression I get is that they are welcoming only on the surface and once your money is locked in with them, they are stingy with their support for refund options because their profit margins matter more than the real problems faced by customers. It sours the travel experience with them, really.
There are only 3 months to the expiry of the travel credits, and I will be writing to them to see what they can offer.