I think the Hyperion's version of the Frozen musical has been in development since before the cutbacks were put into place, plus it seems like it's going to be the showpiece for this summer. I remember the Aladdin musical was also pretty long (about 45 minutes), so in that way, this fits with the previous show's length. It will be interesting to see what they cut and if they add/expand anything. The original movie was only 100 minutes, so that would mean the new musical isn't going to be that much shorter!
I don't know how much (if any) of Frozen from the Hyperion would be used for the Broadway version. The director, choreographer, costume designer, and set designer are all different between the two productions. My guess is these are largely two very independent shows; kind of how Aladdin on Broadway and Aladdin at the Hyperion were very different shows.