My argument is about profitability, not raw revenue. APs often spend less time in the parks per visit but spend more, proportionally, during that time. And when you factor in that admission isn’t a high-margin item, the picture changes completely. Food, drinks, merch, and especially services and upgrades like PhotoPass, Lightning Lane/Express, and VIP experiences carry significantly higher margins.
A simple example: a local AP who pops into Epcot for dinner and a couple of drinks, maybe grabs a small piece of merch, then heads home. That pattern is extremely common, and in just a few hours that AP is often more profitable than an out-of-town tourist who spends the entire day focused on rides and shows. The AP is buying high-margin items; the tourist is primarily consuming capacity.