It's definitely cost-cutting, but I suspect they are also hoping that more focus on fewer projects also helps the quality.

Anyway for a few years now I've been thinking that Disney probably needs a third tentpole franchise of some kind (if you don't count their animation as one already) just so they could dial back on Marvel in particular, but also Star Wars a bit. That way instead of giving us 5 movies and 5 shows about Marvel MCU each year, you can cut it back to 3 of each and fill the void with another franchise. Maybe they could even do a Marvel non-MCU franchise of some kind.