Yes, and what effect did merchandise have on the making of Star Wars films? Licensing is as large an industry as ticket sales for the Star Wars franchise. Do you honestly think that there's no consequence, when those licensing product can't sell goods?
After ROTJ Lucas waited until after he regained merchandising rights from Kenner to make the PT. His inability to adequately monetize licensing resulted in him not making movies for the franchise, from 1983 to 1999. That's a 16 year gap!
The PT was a disaster for merchandising. Lucasfilm stopped making films for the franchise again, from 2005 to 2015. No films for another decade! Do you honestly think that anyone holding intellectual property would refrain from monetizing it for an entire decade, if it wasn't necessary? Lucas employed a lot of people. The idleness of his franchise cost him a lot of money.
Shareholders demand profit. Any aspect of your business that fails to generate revenue has to be changed. There is no way that Disney is going to shrug off the dismal sales resulting from their licensing, because that reflects negatively on the brand.