CC credits and how long they take are a 2-3 part equation.
The first part of the equation is the retailer; in this case Disney. Them issuing the credit starts the ball rolling. Normally for something like a vacation cancelation it takes them about 24-48 hours to issue the credit. In this case, Disney did not really know what that credit would be until they had a firm re-opening date. Couple that with the sheer number of credits they have to issue and it is easy to see why it took so long for the first part to get completed.
Part two is the credit card company. They too take time to process a refund. Typically it falls into that common 24-48 hour time period, but some will go so far as taking an entire billing cycle to issue a credit. That is pretty rare, but it does happen.
The last piece, if it was on a check/debit card, is your bank. Again 24-48 hours is typical, but they can go much longer especially with higher amounts. It is not really applicable here, but 4 digit and up refunds can be shown as pending for a little while.