Yep. That's exactly right
It actually makes sense though if you really think about it.
Folks back in the 50s went to the theatre, saw a great movie and then if they wanted to continue that experience they basically had to go back to the theatre again. But along comes Disneyland and hey, there's a ride based on that movie I love! It features cherry-picked "moments" from the film that helps me enjoy the movie once it stops running. In many ways, it was a very smart approach.
Now contrast that with today. DVD, blu-ray, soundtracks etc all help you "experience" the film anytime you want. What purpose does a newly created "movie highlights" dark ride serve? Take the Little Mermaid ride. I'll be honest here...its pretty pointless. Now before you start saying "well then we should just bulldoze old fantasy-land since we all have the blu-rays"...no. I'm NOT suggesting that because there is history and they're great for what they are. But why is it so hard to create something unique with beloved characters? I would highly doubt that anyone who rides the Little Mermaid is unfamiliar with its story. So why just re-tell it to them? Take us on a new undersea adventure!