That's a valid point, but also at that time Disney (after the loss of the GE sponsorship, and various other meddlings) had let the attraction wane just as much in their own right.
Lets think about an attraction like a classic car, just for suppositions sake.
One can not care for it, and it ends up looking like this...
No one wants to ride in that...no one finds it sexy.
But, if it's kept up, even after decades, it looks like this...
And people of all ages say "Wow, what an awesome looking car! I'd love to take a ride in that!"
My underlying point is, the care and attention paid to an attraction, just like a car, and the emphasis placed upon it to keep it fresh (but still classic), most definitely impacts general interest in said attraction.
Peter Pan, as a layout and ride system, is far older than Horizons ever was, and it still carries 60+ minute waits.