Exactly. We still bought our AP for our November trip (we used regular tickets in July). We knew our trip would be major impacted without FP+ (my DS is disabled and FP+ was gold to us). We knew we wouldn't be able to do as much without it and because crowds were steadily increasing. Disney's capacity is minimally impacted, only reduced by anything closed. But it is obvious in the parks they brought back much less CMs, so some of that magic, some of the special interactions and some of the efficiency of the operation are now gone. I try to always be nice and friendly and positive with those who are there because guests are mad it's not the same, and it's not their fault. Dining is not distanced or reduced, you can't get ADR because people are booking it all. Bottom line, parks are not reduced capacity but staffing is, and the less efficient operation is causing long lines etc. Not in our control. How we react to it is in our control.
You might not get those wow moments of the past where you stopped in your tracks looking at something - because everywhere you look will be other guests maybe blocking your view, so I suggest you look at all with the eyes of your child. Let your view and excitement be watching your child. Think about things that might WOW them, maybe things you skipped before. I'm lucky that respect because my DS functions as a young child and there are moments that make him so happy that I might have missed. I might have been driven to hustle to that next ride. Last trip at Epcot he kept saying "paint wall" because he remembered the wall where you paint a few squares to make a big painting. It was a simple thing but he loved it. If you get
Genie+ make sure you max out those special filters. DS and I had SO MUCH FUN creating all kinds of fun pictures, like turning us into Genies. He wanted to ride the paddle boat in MK, something we never do. He loved it and I saw things I don't remember ever seeing. I'm so glad he drug me on it. Joy and happiness and magic still happen if you let it.
You will have a great trip if you just know what to expect, watch wait times, utilize morning hours, think about what your child will love. Be flexible, shift gears as needed and enjoy all the details that make Disney special. My other son had lunch with a Disney Imagineer and scored big with one of their biggest. He oversaw the entire New Fantasyland expansion. My son asked him what was his favorite part of that and he said "I've never been able to design so many different kinds of stones, bricks etc. so look next time." Well every time I'm in that land I look at the so many different ones, I lose count. I enjoy it through his eyes. Let your little one be the captain of your adventure and no matter what you end up experiencing crowd wise, he'll always find something that makes his eyes twinkle.
Rather than looking at getting less for your money, know you can never replicate a trip at this age so your trip will provide priceless memories.