That's not the reason they changed Jasmine's costume.
It's no different than having other female characters on the street. If they had Chance on the street I think it'd be a mob scene the whole night.
But it was the reason. Disney would NEVER say they changed the costume because the original was to revealing. They are simply claiming it was changed because all the princess have been getting new outfits. However, if the change really was just a "refresh" of the costume, they would have kept it closer to her normal style instead of covering her head to toe with no skin shown. There are tons of topics on reddit and various other sites from former princesses telling horror stories of what they had to go through from the adult male crowd. It's disgusting.
There is a big difference between a female scareactor all bloody and not in a revealing costume compared to an outfit like Carrie last year. Carrie was pulled from the streets because some guests got a little to close for comfort. Chance roaming the streets would not only turn a giant photo-op with a huge line, but it would bring out the gross side of some males. The current rumor is she will be on a stage that is brought in nightly into her zone out of arms reach from other guests. She will then probably have a large security escort moving her from backstage to her zone throughout the night.