Our Sandbox has a newer version of a Managed Package than production. If we refresh our Sandbox from Production, will it revert the Sandbox to the older version? Thanks
Yes, the version of all packages will reflect the versions of Production if you refresh from Production, even if it is an older version.
Managed package version will not get changed if you refresh it from Production. You need to install the managed package for sandbox specific version to upgrade it to higher version. Managed packages have two types of installation either Production or Sandbox.
This is the main difference between other metadata and data related refresh with Managed packages.