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Not really. Musicals take awhile to develop. If you develop both at once, that presumably leads to a cohesive story and the two films will come out close together, unlike the large gaps between Frozen and Frozen 2, and now Frozen 2 and Frozen 3.
I am going to guess the writers strike is also to blame for both Frozen 3 and Toy Story 5 being delayed to their current dates. Part of me thinks both were originally slated for 2025 releases.
Frozen 3 was originally for 2026. I wonder what caused it to be pushed back to 2027?