I think it plays a small role. But it’s not at the core of why people aren’t going to watch Disney films.
It’s the formulaic unnecessary sequels and the lowered production value that is turning people away for the most part.
That and people are just waiting for streaming releases (which are shorter than ever between theater and home) and many people have turned back to the high seas.
And merrily marching into the pit of further remake losses.
Now Snow White (whose skin was white as snow) will be played by a latina, and the seven dwarfs will now be made up of mixed sizes and races, and written as seven “magical creatures”.