Kind of... BK was being built along with the Dinosaur Discovery land. Said land had a sedate indoor / outdoor Dinosaur AA ride. BK was axed, Excavator was axed, and the park needed a thrill ride. The Dino ride went indoors, and borrowed the tech and track being built for Indy at DL. A cheap fix, a new thrill ride, and CTX was born.
My understanding of the time line was budgets kept getting axed and they had to choose between putting BK or Dinoland into Phase 2. When Dinoland was built for synergy reasons, it was cut down even further.
Phase 2 was to include Beastly Kingdom, and presumably the Excavator, but the initial plan of attack for Animal Kingdom was never put together. The plan was to have new offerings at the other parks to prevent against cannibalization of Disney's own attendance. This is what they did when MGM opened. In 1989, in addition to MGM they also opened Wonders of Life, Norway, and Mickey's Birthdayland all within a similar time frame.
In 1998 (when Animal Kingdom opened), Test Track was supposed to be open in Epcot, David Copperfield's Magic Underground was supposed to be open in MGM, and something else was supposed to come to Magic Kingdom (maybe it was Fire Mountain, but I'm not sure that's true). What happened was Test Track got delayed, David Copperfield's Magic underground didn't happen, and nothing came to the Magic Kingdom, and predictably the attendance at those three parks dropped off when Animal Kingdom opened. Disney panicked and used the money earmarked for Phase 2 of the Animal Kingdom to improve the existing parks. This pushed Beastly Kingdom back in terms of the development.
Then when Islands of Adventure opened, Disney developed a plan in the event that Islands of Adventure ate away at their attendance. Of course Universal did a crappy job of marketing Islands of Adventure (and it didn't help that the park wasn't family friendly), and the result was that Islands of Adventure ate away at Universal's attendance and did nothing to hurt Disney's attendance. So all those projects that Disney had set up to combat Islands of Adventure were delayed (the only one that has been built has been Mission: SPACE). Beastly Kingdom was pushed back again, and at some point after Islands of Adventure opened, Eisner and some Disney execs walked around Islands of Adventure and noticed that Dueling Dragons looked awfully similar to their concept for Dragon Tower (in as much as they both had dragons) and Eisner than axed the idea of Dragon Tower being the centerpiece of Beastly Kingdom all together.
Nevermind the fact that they have a Dinosaur themed land much like Animal Kingdom, and that's apparently not a problem.