Logistically, they can. Apart from branding and shared IPs, they’re two functionally independent events with two different audiences. If individuals travel and contract COVID-19 outside of California, (unfortunately) the individual’s fault—not California’s. And if travel restrictions are still in place, then that concern is moot.
Now, if travel restrictions are in place, would Orlando bother? They may. Orlando’s HHN is a huge money maker, where even 50% attendance is making the resort millions. Hollywood, conversely (and from my understanding) barely makes money. There’s actually financial incentive for Hollywood to not happen and Orlando to happen. I think the bigger question is if Comcast wants to risk a “HHN Outbreak” and/or attempt the complicated, “one coast but not the other,” marketing effort.