Can Revoult card be used to rent a car (as credit card)?

Neither. From my experience this summer in the US:
If you pay by chip + PIN, you add the tip in the payment process.
If you pay by swipe and signature, the price including taxes is debited and later it is updated including the tip.

It always was 1 transaction.
However, you could call the swipe way authorisations as it guaranteed that you paid the mandatory part.

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I can confirm, I payed in many places in the US that way and the regular price will show up first, and be updated to price + tips a couple of days later (as an update, so it’s still 1 transaction)
Same thing goes for paying for petrol at gas stations, you will prepay for say $40 (appears instantly) but the real amount will be updated later.

I still don’t get why the US is still using magstripe, but that’s another debate…

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I tried Europcar with Revolut - it didn’t work. They actually tried the card and it was rejected by the system.

We hadn’t any problems with Europcar in Austria. It worked just fine.

I recently used my Revolut MasterCard with Unirent in Croatia. The authorization went through when I topped up my account.

Does anyone have any experience with the return of the funds?

There is no “return of funds” as such. An amount is “held” against the card until it is replaced by the actual amount when submitted by the merchant as is standard practice.
I have personally experienced this frequently with pre-paid cards issued in the UK and used in France at card enabled fuel pumps. In every case, the held amount was released at the same time as the merchant claimed the actual cost (usually a day or so later). In effect, you haven’t “paid” anything so much as there is an amount “held” against your card to prevent you frustrating the actual payment by committing all the remaining funds on the card - inadvertently or otherwise.
The same principle would apply with car hire IMO as the deal won’t be finalised until the car is returned and everything is signed off.

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Last year I used Revolut card to rent car from National Car Rental in NY. All went smooth. There was no funds held by National.