They’d be fine with lifeguards. It’s one of the few departments at WDW where it’s still “kosher” to hire local high schoolers. I’m sure they could easily fill spots for one waterpark, especially considering their backlog of seasonal+part time lifeguardsWell...they have definitely been more cautious and cognizant of PR appearances...for sure. People getting bowled over in the wave pool isn’t a great look to Disney legal.
But I bet it’s still financial more than anything.
Remember that waterparks are more heavily patronized per capita by internationals and locals as well...two demographics they’re not looking to take on cost to cater too these days.
The college program staffing is also an important point. They need lifeguards in the tenements for the water parks. This could be a hint at when they think that would resume. It’s a terrible idea...but one they obviously will monitor closely.