You remember correctly.
Based on the data we've collected, I'm reasonably sure Disney (and Universal) has been willing to runs rides at well under capacity even if it generated high wait times and lower guest satisfaction.
Disneyland's Space Mountain is one example. We've counted the number of people exiting Space per hour dozens of times over the years. The highest number we've ever counted is 1,838, at noon on April 2, 2018. And it ran at > 98% of that capacity for many hours we checked on that week, so it's not a fluke.
At 1,800-ish people/hour, the posted wait was between 60-65 minutes when we checked.
However, for many days from February 13 - 28, 2018, we think Space ran at somewhere between 65% and 79% of capacity: we counted anywhere from 1,198 to 1,452 people/hour. The wait times during those hours ranged from 40 to 90 minutes, and averaged around 60.
Broadly speaking, Disney was willing to run Space at 70% capacity even if it meant 60-minute waits for guests during a slow time of year.
We have many examples like this for both WDW and DLR. During the same week of February, 2018, for example, we counted this at WDW:
- 7DMT at 50-70% of capacity
- BTMRR at 58-67% of capacity
- Space Mountain at 60-80% of capacity
The reason why we started counting riders was because the high wait times we were seeing in early 2018, didn't correspond to how many people should've been in the parks.
Later in 2018 we spoke to some
friends in the business who said that Disney had tried staff and capacity cutbacks for the first few weeks of 2018. They stopped it around the third week of February 2018 when they realized it was negatively impacting guest satisfaction. I think they (and we) were also surprised by the number of guests willing to shift their travel to the beginning of the year - that trend seemed to accelerate in 2018.
We saw something similar with wait times, on a smaller scale, in early 2019. We still check things periodically.
So yeah, I'm reasonably sure that Disney is willing to experiment with the trade-off of higher wait times and lower guest satisfaction, for reduced labor costs and maintenance costs achieved by shrinking capacity and staff. The question we've always had is what that equilibrium point is for them, and how much they're willing to move it. I think that's a moving target, based on whatever financial pressure or target they're facing at the moment (*cough* ESPN *cough* Shanghai *cough* launching Disney+ *cough*)