Hello @Lilly28,
While the full details page of the moderate policy doesn't show the 48 hours period on the graphics the "Read more about the policy" link on the listing page does.
There it shows it like below. As the 48 hours is shown in a line before the "5 days" period I presume that the guest can get a full refund if they cancel within 48 hours of making the reservation provided that the checkin date is more than 5 days away.
To be sure, you may wish to ask Airbnb support.
I've read reports of various new changes to policies where hosts can offer discounts to guests who if they don't cancel, options to offer that guests can pay more if they want a flexible policy etc.
My listing isn't currently available to rent oon Airbnb so I haven't experienced these changes. From the various reports here it looks like Airbnb is experimenting with different options in different areas.
Steve.