Sure, but would Encanto have surpassed more of the remakes? I’m not sure. No recognizable IP, no big explosions, trailers didn’t exactly lend themselves to an event movie. Not exactly characters for the theme parks either.
To the point, the photorealistic Lion King doubled the box office of Coco ($1.6B vs $800M). No comparison on what’s better art. Respect that the same company does both.
Frozen, which had an inferior story and even score, also had that quality.
The live action remakes have no soul and are forgotten as soon as they're over.