Last year the Butterfly release was at 11 am, outside of Mousegears (towards Test Track).
Ladybug releases were at 12:30 and 2:30, somewhere in world showcase. We did not see then.
The butterflies are a little sluggish in the morning, so I do not know if this will change this year.
Looking forward to the F&G show and to hear the live (just returned) reports.