If you pushed the R to the left you're breaking the bottom letter spacing consistency...
I'm not convinced it would look better.
[1] https://swelltype.com/wp-content/uploads/2020/01/Avatar-samp...
Are we reading it differently? I see that there is some additional space on the top before the "R", but I think that when I am reading it I might be looking mainly at the bottom 75% of the logo, and it looks fine there so maybe that's why it still looks fine to me?
Alternatively, having seen the first movie a couple of times and having seen the original logo a couple of times, maybe I am so used to the word "Avatar" from the original logo that even if I try to read the new logo as "AVATA R" I still read it as "AVATAR"?
On the other hand, there is a company in Norway (and I think they are in several other countries also), called "BDO" and even though I know about their company from having heard about it several times and having even attended a couple of business presentations that they have held, I consistently misread their logo as "LBDO". You can see their logo on the Norwegian website, it has the letters "BDO" on it in blue, with an L-looking shape in red surrounding the front and underside of the letters; https://www.bdo.no/nb-no/home-no . So it seems that familiarity is not always enough to read a logo the way that it was intended to be read.
It's like James Cameron said "Fine! I won't let my guy I had make the titles last time choose the font, we'll have a new font made. But I want the my guy to do the rest of the title work, because he'll still do it for just a crew jacket."
https://www.creativebloq.com/news/avatar-way-of-water-logo
Anyway, I quite appreciate the WIP sketches, it makes it plain what the influences are: the bones of the letters are somewhat reminiscent of typefaces like Lithos or Penumbra, and the slight blobbiness of terminals and serifs (which might otherwise be classified as either wedge or flare serifs) subtly recall both Papyrus and some "runic" typefaces. The "runic" influence shows up in some other details as well, like the 'v' of the A's crossbar. The rejected "too extreme" lowercase has a hint of Fraktur or something similar.
Like Papyrus, though, this is most certainly a display font. I hope the designer gets to create a toned-down text version that will be usable for subtitles, fixing the other poor typography decision made in the first movie.