I just came back from Europe in May going to multiple countries. The airfare was the most expensive part (airline points getting there, cash getting back home but I counted the cash value for the purposes of the context).
For hotels we did use Hyatt points for London, England, Kronberg, Germany and Malmo, Sweden but Ghent, Belgium (378 euros total for 2 nights with breakfast included), Luxembourg City, Luxembourg (434 euros total for 2 nights add 15 euros per person per day for breakfast for two days and Hamburg, Germany 178 euros for one night then add on I believe 20 euros per person for breakfast for 1 day) were cash. The pricing is absolutely less than Disney and the accommodations are not lesser than overall. London and Hamburg rooms were smaller than a Value would be but London had a balcony terrace to go out to.
Transit via train (how we got around Europe) was also fairly inexpensive overall and I want to say our most expensive was the Eurostar from London to Ghent but we did the mid-tier which was a good amount increase per person from the lowest Economy. Our meals were most expensive in Krongberg, Germany overall with lunch costing 70 euros, dinner costing that as well (times that by 2 people so 140-ish euros for one day) but that's cheaper than meals can get at Disney and we were in a 5 star converted from a castle hotel with a member only/hotel guest only golf course.
When comparing though I think you have to consider what you're comparing to. Of course Rome is expensive and a villa in Italy is going to be expensive but that doesn't mean someone saying going to Europe is cheaper means they aren't true. We stayed on Murano (Venice) last year in July (so high season) on Hyatt points but the cash value was about 500-600 euros per night if you were trying to book within a month or so of staying and closer to 250-300 euros per night if booking multiple months out (for kicks we had kept track of this). But it's Venice

which explains a lot of the pricing.
Hamburg I would say while the hotel was fine, not bad really we selected it because it was a crosswalk away from a subway station that connected up with the central rail station. It however was a Holiday Inn and was overpriced for that brand especially with the breakfast add on.
Is it fair to look at what a 2 bedroom DVC villa comparable would be in Europe for price comparisons? I don't think so personally. Space allocation isn't the same as it is in the U.S. We're about to go to Japan in a few months and the hotel rooms are downright palatial in space in Europe compared to what you get in Japan but it's just part of the territory.
Point being you absolutely can be accurate in describing a Disney vacation as being more than traveling/staying in Europe. In 2022 we spent $1,200 for two people on Disney tickets alone (6 day hoppers).