You're probably onto the behind the curtain reasons for the frugal approach. Even Disney experienced this as highlighted by the "Thank You, Shanghai" buzzword at the time.
Lets take a look.
As you mentioned, UK new park development, Frisco, HHN Vegas, left over Epic. Drains budget/revenue/expansion/development/entertainment etc. money.
Comcast said Epic did well in increasing guest spending and extending vacations. All that is well, but that was expected. What was undoubtedly not expected though, was that attraction performance would remain so poor even after 10 months since softs, and that Universal would have to put a fairly low capacity ceiling on ticket sales. I'd imagine attendance and revenue are significantly under projections. Universal would be getting a lot more overall revenue (tickets/hotels/food, bev,/merch, if there were 30,00 to 40,000 guests in the park instead of 15,000 to 25,000 daily. Common sense says this is a major revenue shortfall.
With Epic capacity far short of expected capacity, they have to fast track new attractions/experiences to get the park up to snuff. Plus, I'd imagine maintenance costs are through the roof since every attraction, some more than others, has significant issues.
International tourism is down significantly. Even Disney just mentioned it's affecting their revenue/operations.
When this stuff happens, the spreadsheet warriors in management get more authority. It happens with almost all companies. Bottom line is stuff gets cut that normally wouldn't and frugal attitudes rule behind the scenes.