I just checked my MK hours for mid August (13) and it says 9-9, then shows Happily Ever After at 9, then Water Parade at 1030? What can we do in between, I cant imagine fireworks will be 1.5 hrs?
The fireworks can be presented at "park closing time" if they want to do so.
(IllumiNations begins at Epcot's "closing time" virtually every night of the year.)
The "water parade" (Electrical Water Pageant) does not take place AT the MK at all.
It's on the lake (Seven Seas Lagoon) outside the MK gates, so MK "closing time" has no effect of that performance, anyway.
If you've never seen it, don't spend too much time trying to see it.
It's really only 6 minutes of "not much."
(I see it where we're there, but it's not a big thing at all.)
ALL THAT SAID...
The hours that you see posted now will be adjusted (added to on many nights) as the actual
dates get closer. (It's FAR too early for them to have the accurate hours posted.)
They often change... sometimes more than once... within 14-40 days before.
So... just keep checking and rechecking as your dates approach.
(I mean right up until the day-of.)