six types of Cancel events for Orders in Magento 2
1. order_cancel_after
This event is used after order canceled. If you want to do something after an order is canceled you can use this event.
Check file, vendor/magento/module-sales/Model/Order.php at cancel()
function.
2. sales_order_invoice_cancel
Allows you to cancel the order invoice when you canceled the order.
Check event called at, file, vendor/magento/module-sales/Model/Order/Invoice.php at cancel() function.
3. sales_order_payment_cancel_invoice
Allows you to cancel the order invoice when you canceled the order.
Check event called at, file, vendor/magento/module-sales/Model/Order/Invoice.php at cancel()
function.
4. sales_order_payment_cancel_creditmemo
Event defined under vendor/magento/module-sales/Model/Order/Payment.php using cancelCreditmemo()
function but this function is not called at any file. Might be used in future developments. This event contains payment and specified creditmemo object.
5. sales_order_payment_cancel_invoice
Cancel specified invoice from order and update self-total from order invoice.
Event defined under vendor/magento/module-sales/Model/Order/Payment.php
6. sales_order_creditmemo_cancel
When you want to refund from a specific order or specific item from order,
Your best suitable event is, sales_order_creditmemo_cancel
More detail you can review rakesh sir blog https://www.rakeshjesadiya.com/different-types-of-cancel-events-for-orders-in-magento-2/