Except Disney did offer it for $12 as recent as 2004, minus the ice cream. E-ride access was three hours past closing. (June 2, 2004 e-ride hours were 9pm-midnight. June 7, 2004 e-ride was 11pm-2am. February 18, 2003; e-ride was 9pm-midnight.)
In 2004, we stayed at the Swan for $99/night. Now it is $152. (about 1.54)
In 2004, we paid $49.80/day for 5 day park hopper tickets that didn't expire. I'd now pay $87/day for 5 day hoppers that expire. (about 1.75)
The comparable price for the new e-ride night is $21, plus a few dollars for ice cream. Charging $128 or even $54 for ice cream is very inflated, IMO.
Another way to look analyze this deal is to realize that AP holders only pay $66 for a whole month of park access. This is asking them to pay $25 per hour of access.