In this doom & gloom post... I'm going back to what someone said about how all of the entertainment was cut during 9/11.
It'll come back. Maybe in a couple of years, maybe a decade. But life, including Disney parks, goes on big waves of ups and downs. You can't expect WDW to continue what they were doing before this pandemic. After all... It literally IS a pandemic that is STILL ongoing, whether we want to ignore that or not. AND Disney is a business. Both of those things are true.
As for asking what exactly is being cut... I'd be willing to place bets on literally anything that hasn't reopened yet, plus a few other smaller things like Joy and Pooh walking in the fields at Epcot or something. And I'm thinking shows similar to Frozen Sing-Along are going to be popping up in the foreseeable future.
And yet, while Universal did close their Poseidon's Fury attraction... They're still rolling with their stunt show, animal actors, and halloween make-up show... Plus they still have literally all of their streetmosphere shows like the Harry Potter shows, Blues Brothers, Beat Builders, Marilyn and the Diamond Bellas, Ect. Quite interesting, to say the least.