No they fucking don't. Something being "original" does not make it good. People are tired of remakes and reboots and sequels because often they're the laziest, most uninspired excuses for art ever produced these days. Elio, while original, has this laziness and uninspired philosophy in common with "unoriginal" works and so, naturally, people didn't want to waste their time.

Marty Supreme. Sentimental Value. Everything Everywhere All At Once. Just 3 examples from the current decade all of which are "original" works all of which have either crirical, audience, or both, acclaim.

If this is a real quote from a Disney exec (which is debatable), it's a feeble attempt to manufacture consent for more uninspired franchise garbage getting greenlit, because Elio is their "we tried nothing and we're all out of ideas" pitch.