Ehh, not really? I mean, Toon Lagoon without the amphitheater is over ten acres. The entirety of Hogsmeade plus Forbidden Journey is a little over six acres. Forbidden Journey on its own is only 2.5 acres, and that's a massive showbuilding. Hogsmeade (including Hippogriff) is 3 acres. I'm not counting Hagrid because that area is the size of a whole land on its own (over five acres). Even going outside of IOA, Rise of the Resistance is 2.5 acres, Runaway Railway is 2.5 acres, Everest is under five acres (and we all know how massive that is), Dinosaur is under 3 acres, MiB is 2.5, and Gringotts is only 2.25. Diagon Alley proper is only 3 acres.
If you include the amphitheater, that's over 12 acres of land. Zelda doesn't need that much space. Lost Continent is perfect for it. LOTR maybe, but not really, and then there's the question of why it would go here instead of Epic Universe.
I'd rather have them split it in two, one land a Illumination mini-land consisting of a flat ride, a very small d-ticket, and a show, and then a major land with two e-tickets later on. Adds more variety and less of a wait.