Film grain and rich photochemical hues create a glorious look and feel that digital images cannot capture or reproduce.
That - at least in that generalization - isn’t true, but a statement rather driven by (somewhat understandable) nostalgia and a breeze of voodoo which is especially famous in the audio sector, where any digital step in between is coming right from the devil himself.
I am quite confident that given the right amount of effort (and money), one could take any “oh so glorious look and feel” of a film print, have it scanned with the very best of scanners, sample it at insane rates, bit depth, color space, precision and whatnot and have it reproduced in a similar - way over the top - method and no one would be able to pass a “blind” test (admittedly a term which doesn’t figure in the best way in this case). Same would be true in the audio domain where a lot cheaper equipment would suffice for people to be unable to distinguish the oh so much natural vinyl sound from its PCM (or even lossy encoded) pendant.
Thus, Disney and others fiddling around with the originals is by far rather a political problem than a technical one.