That is not the reason has declined at Disney. It's more likely this:
"In September, Disney enthusiasts said they were skipping trips to visit the theme parks due to rising prices and cash grabs."
Iger Says Disney Parks Are Too Expensive
Iger admitted that the price increases at Disney Parks have been too aggressive. The CEO stated he felt that accessibility was important in the parks, and while he understands the importance of profitability, he believes Disney can be smarter about balancing these two things.
This is interesting because it mirrors my own experience. My sister and I are probably the target audience for a Disney trip (families with young kids), and we thought we were going to do a post-COVID WDW one in 2021. However, when we saw the prices and the legwork involved to get the best bang for our buck, we decided to book a cruise instead. We ended up spending the same or less and the all-inclusive nature meant fewer things we had to meticulously plan. I'm not really a cruise person but I'm at that "in the trenches" stage of life where if I'm going to drop a chunk of change, I prefer not to have to devote extra bandwidth when I'm supposed to be "on vacation". Although, a vacation with young kids is not really a vacation, but a chance for the cousins to get together for an extended playdate lol.