Cancelled points are available immediately
The point balances on the "My Membership" -> "Point Status" page are only updated during the over night batch cycle -- thus this number normally represents your "start of day" numbers and does not reflect any reservations made or cancelled since the "start of day". It's usually updated each night, but not always (especially seems to skip updating on Saturday nights).
Points from a cancelled reservation are available immediately (although sometimes they may not return to the use year expected and that could cause you trouble and you may need a VC).
When you cancel a reservation, you can check your available points 2 ways:
1) Select to book a new reservation, the first page of the booking process tells you how many points are available (and how much are needed for the reservation). Just don't finish the transaction.
2) Go to "My Membership" -> "RCI Exchanges" -> "Request to Deposit My Points with RCI" -- This will show you your current ("real time") point balance by use year. (Again, just don't make a deposit).
Neither of the above methods tells you regular vs. cancelled points, but it will give you an accurate point count (I prefer option 2 as the use year may be important to know).