I think it will get more people then it used to, but the makeover isn’t solving the primary, overwhelming issues - it’s an out-of-the-way cul-de-sac without a major attraction, just a collection of minor elements that only appeals to the youngest kids, with very little for slightly older siblings (and, quite frankly, even many of the youngest would rather be on actual rides).
And Shrek is a profoundly dated IP. Maybe they’ll get around to making a new film, but that’s been on the table for years with no movement.