I think it totally was. It had a level of pacing, drama, atmosphere, and art direction that Mermaid desperately lacks once you board your clamshell. Snow was showing its age and there was definitely room for improvement, but Disneyland's retooling of their SWSA shows how much potential there was to better the WDW version if they hadn't leveled it for a meet and greet.
I'm not sure how this second point stands up when directed at someone who's literally arguing that there are plenty of other "plot rehash" rides that are better than Mermaid. I agree with the premise that book report rides don't get you the best mileage out of your movie IP as a theme park experience, but that's not why Pooh, Pan, and Snow are/were better than Mermaid.