I agree with the latter point, but unfortunately not with the former. Obviously nothing has been confirmed and plans can always change, but the area I circled in the concept art definitely gives off strong Santa Cecilia vibes:
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Additionally, the fact that Disney is deviating from the continent pattern to call this land “Tropical Americas” instead of “South America” suggests there will be some sort of North American representation (though it’s also possible that the Indy ride could take place in Central America).
Finally, we know Encanto and Coco were connected in the original Beyond Big Thunder plans, so Disney very well may have moved them here as a package.
I’m guessing the gazebo-like structure in the concept art will be some sort of alebrije carousel.
Again, I hope I’m wrong or that the plans change. There are better places to put Coco (Mexico, BBT) and better IPs to put here (Up, Emperor’s New Groove, Rio)