Here's another way to look at this, through all the BS.
Disney Shanghai is extending the suspension of time for their annual passes through the entire park reservation system period, which we do not know how long that will be.
Based on initial information, it looks like Walt Disney World is anticipating this park reservation system period to last, AT LEAST, until September 2021. That's 14 months from the date of opening. So, rather than giving all passholders 14 months, they are offering one month to stay.
So passholders need to decide if it is worth the risk. Best case scenario, COVID calms down, Disney loses the system by this fall, and all things are well, except for those planning on using the system before then. Worst case scenario, the extra month is useless because COVID remains and park reservations have hit capacity daily.
No one knows. Disney is asking you to risk it and offering a month as a carrot. They have decided to allow refunds to cover their a$$e$, as they should. It seems like a no-brainer for those who live in the Orlando area. For those like me, out of state and require to plan trips months in advance, it's an awful decision to have to make. I don't honestly know what to do. Maybe take the whole refund and spend it all at Universal? I can't see myself eating it and taking the risk that I can get in the day of at any WDW park. Also, are they going to hold people to the days they book or is this like fastpass and dining reservations where you can last minute switch?