No only Ryanair, but any airline would try to wriggle out any way to not pay compensation to air passengers. EC Regulation entitles passengers to claim compensation for cancelled flights but only under these cases.
According to the law, you are eligible to claim compensation for cancelled flights if:
you were not informed by the airlines before 7 days,
If you were informed between 7 days to 14 days, you also have the right to ask for reimbursement and you should get the full refund of your flight ticket cost within 7 days; if the new arrival time was substantially different from the scheduled flight of which you had booked your ticket.
You can claim cancelled flight compensation between 125€ to 600€ in accordance with EC Rule only if you didn't accept the refund. You can get more information here:
https://www.claimflights.co.uk/flight-delay-compensation