I guess I'm just beating a dead horse - or perhaps I'm just dense.. This does not sound like pop from 1994 to me.
I can't say whether it not it's 1994 pop, but it's definitely Elton John pop. The arranger/orchestrator has worked hard to make it sound lusher and more theatre-y for the movie, but it's still very much an Elton John pop song.
Let It Go doesn't resemble 2013 pop music. I don't see the point of this discussion - there's not a single chart topper in 2013 that sounds anything like Let It Go. Let It Go sounds like the current style of belty musical theatre. If Let It Go was so poppy, Disney wouldn't have felt the need to record a pop VERSION "sung" by Demi Lovato; they would have just released the film recording with Idina as a single.
A talented arranger/orchestrator can make almost any song sound like almost any genre. Do you think Circle of Life, as heard in the film, is exactly what it sounded like when Elton wrote it? Nope. You can hear his version on the soundtrack, and it's pop. It's Elton John pop. Then the arranger/orchestrator steps in and gives it an African flavor, makes it grander, employs a vocalist to match the new style.
Musical theatre nerds will remember that 9 to 5 was a short lived musical on Broadway a few years back. Dolly Parton wrote the music and lyrics, including expanding on the title song from the film (which she also wrote). I was handed a copy of Dolly's demos, recorded on her own, of each of the show's main songs. It's amazing - in Dolly's hands, each song sounds country. The instrumentation, the rhythms - all country. In the show, Stephen Oremus did the arrangements and the sound of those songs is TOTALLY different from Dolly's original. Same melody, same lyrics - only now they sounded Broadway.
Lion King has some great music, but to pretend that it's not at least partially pop influenced is silly. Elton John is a pop composer, always has been. The Lopezes wrote a very Broadway score for Frozen - that's their background, their wheelhouse.
Now whether you think 20th century pop has overly influenced the current style of Broadway scores, that's another discussion.