The view of the theme park is very nice. One of the most distinctly "Disney" views you will find.
The problem is it overlooks the lagoon where they play the World of Color show 1-2 times per night. Exact showtimes vary but 9pm and 10:15pm are pretty standard.
You WILL hear the show from a room with that view. It is loud. Voices...music...sound effects.
If there are only adults & older kids in your group and you are content with the idea of being in the parks or out on the balcony enjoying each show, then you will be fine. However, if you have children who tend to be asleep before 10:45pm (approx show ending time), I would not recommend the theme park view. It's nice to look at, but you'll grow weary of it quickly if you end up dealing with cranky kids that cannot sleep due to the late night shows.
We have stayed at VGC numerous times with rooms on all three sides of the villa wing. Kids in our group have ranged from age 5 to 11. We prefer the pool view. Much more serene. The room faces in the direction of Disneyland so you can see some high fireworks from its nighttime show, although the view is obstructed by other sections of the Grand Cal. The fireworks soundtrack is piped in over the resort TV. Fireworks are typically only 1x per night and from that location, it's not nearly as intrusive as the World of Color show.