He clearly had no problem with representing the company and actively promoting Disney theme parks, movies and products with his image. Even while he was alive Disney Corp sold high-end memorabilia like large framed pictures of Walt working at his drawing board and including his distinctive signature. So he not only promoted products but turned himself into a revenue generating product. In some sense, he made himself a mascot for his company as much as Mickey Mouse and this was clearly by design. To me that's different than a CEO who mostly limited his public exposure to the usual earnings calls and shareholder's meetings.
If it existed, would such an explicit license extend to derivative usages like this? Probably not legally but I think ethically it does sharply reduce the likelihood Disney is acting against what Walt would have wanted.
Namely how many people alive actually knew the person.
There’s more creepy versions of the same kind of thing using recently dead performers for example.