Strongly disagree. There is nothing about the story of the little mermaid, snow white, or lion king that demands it be a cartoon. Not is there anything about Star Trek or Star wars that demand it be live action. New interpretations bring great things to the art of film and storytelling.
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And it's not really the same thing. Plays must be done over and over. But a film can be seen exactly the same forever. So why "update it" if you are not going to do something different?
Like Disney's Beauty and the Beast live action. There's some changes, but most of it it's the same, or referencing what already exists in another movie. At best it's the same experience with a somewhat different visual.