You can't throw a rock off your balcony and hit the castle, but it's close enough that you're not thinking "what is that building in the distance?"
If I remember right, you only see the parking lot if you're sitting on the balcony. From the room, I don't think you can see much of the lot due to the hotel's A-frame design. You can also see the Grand Floridian and part of the lake with a MK view.