I don’t really buy the whole competition aspect. Yes they compete to an extent, but the core audiences are wildly different.
A young family with young children (who is the core audience for Disney) aren’t going to go to universal studios because by and large they don’t meet the height requirement for many of the rides and the kids aren’t familiar with the ips.
From the age of 2 - kids are familiar with Anna, Elsa , Mickey , Minnie , etc.
Universal is great for what is is, and has its own portfolio of ips that are great and exciting and I love they have a heavier mix of thrills thrown in.
That said, I don’t think Disney will ever be in the forefront to capture the teenage market that is seeking thrill experiences and that’s okay, because while you will win the teenage sub market you will lose out on a lot of younger families.