I do not feel too good about this.
Not because it's bad - no, plot-wise it's all actually quite good and fitting the fairy tale theme.
I feel bad because all of that is the exact vibes I'd expect from a return to Lorwyn. Mysterious fae ruler, magical wilderness with sinister undertones (look at those full art basics), the threat of eternal sleep is only slightly reskinned threat of eternal Shadowmoor.
So it seems Eldraine is indeed poised to replace Lorwyn/Shadowmoor for good and we're not returning...