Absolutely! I have an annual pass for Disney and there are many exclusions for dining discounts. Your AP for Universal will work in all the eating places except for the carts.
Here a are the benefits for a preferred annual pass:
DISCOUNTS ARE AVAILABLE FOR THE FOLLOWING:
Universal Studios Florida & Universal's Islands of Adventure Theme Parks
* 10% savings on single day & 15% savings on multi-day theme park tickets (up to 6 people)
* Free admission to select special events, such as Mardi Gras
* Special discounts on separately ticketed events, such as Halloween Horror Nights and Rock the Universe
* 10% savings on select VIP Tours (call 407-363-8295 to book your VIP Tour - dates subject to availability).
* 20% savings at merchandise stores and carts (excluding The Master Coin Monster and Mystics of the Seven Veils)
* 15% savings at all restaurants (excluding carts and alcohol)
Universal CityWalk Orlando Entertainment Complex
* 20% savings on a CityWalk Party Pass (up to 4 people)
* CityWalk venue discounts* are as follows:
o Air Brush Wizard - 10% savings
o Bob Marley, A Tribute to FreedomSM - 15% savings on food & beverage
o Cinnabon® - 20% savings
o CityJazz® - 15% savings on food & beverage
o Dapy® - 20% savings
o Decades Cafe- 15% savings on food & beverage
o The Endangered Species StoreSM - 10% Savings
o Get Wired - 10% savings
o Glow!® - 20% savings
o Hair Wraps - 10% savings
o Hard Rock Café® Orlando - 10% savings on merchandise, food and beverages
o Hard Rock LIVE - 2 free admissions to "Livewire" & "Jam Bando" local nights (118 and up only - call 407-351-LIVE for schedule of events)
o Horse Drawn Carriages - 10% savings
o Jimmy Buffet's®; Margaritaville® - 10% savings on savings on food, beverages, and merchandise
o Latin QuarterTM - 15% savings on food & beverages
o NASCAR CaféTM - 10% savings on food & beverages
o NBA City - 10% off food on food & beverages, one (1) free interactive game card per passholder, and one (1) $3.00 off merchandise voucher per party
o PastamoreSM Ristorante & Market - 15% savings on food & beverages, plus kids (ages 3-9) eat free for dinner with the purchase of an adult entrée (limit one (1) per party for up to $4.95)
o PPat O'Briens® Orlando - 15% savings on food & beverage, plus kids (ages 3-9) eat free from 4:00 PM-9:00 PM eastern with the purchase of an adult entrée (limit one (1) per party)
o The grooveSM - 2 for 1 domestic drafts
o Quiet Flight® Surf Shop - 10% savings
o Rant N Rave Jewelry - 10% savings
o Starbucks - 15% savings
o Universal Cineplex - $6.00 admission after 6:00 PM on Sundays though Thursdays AND $2.25 off admission on Friday & Saturday
o Universal Studios Store® - 20% savings
Universal Orlando® Resort Hotels
* Save up to 30% off* room rates at each of the three (3) onsite hotels (for reservations call 1 866-PASS-4-FUN)
* 10% discount at Mandara Spa at the Portofino Bay Hotel (Call 407-503-1244 for appointments)
* Save 10% at the following restaurants*:
o Trattoria del Porto® at the Portofino Bay Hotel, A Loews Hotel
o The Kitchen at the Hard Rock Hotel
o Islands Dining Room at the Royal Pacific Resort
o Wantilan Luau at the Royal Pacific Resort (call 407-503-DINE to receive discount)
Wet 'n Wild Orlando Water Park
* Save $20.00 off the regular price Annual Pass (valid for the passholder only- not applicable to the purchase of a Weekday Annual Pass)
* Save 25% off the regular price of an all-day admission to Wet 'n Wild Orlando (valid for the passholder only - blackout dates apply)
* Save 10% in the Breakers Beach Shop (excluding sundries)
Additional Discounts
* Free self-parking each time you visit, or pay for 2 hours of valet parking and get the rest of the day for free.
* Special price of $4.00 for preferred parking (regular price is $13.00)
* 10% discount at Samsonite Company Stores (call 1-800-547-BAGS for the store near you)
* Free use of kennels for one (1) pet on the day of your visit (subject to availability)
* $100 off Birthday Parties (call 407-224-BDAY for more details)