Consult a lawyer for exact details. there are things you can do with the characters after this expires, but the rules are very complex and I don't really understand them.
I kind of expect them to win that. But maybe they won't. Still, I wouldn't touch Mickey with anything less than the metaphorical ten foot pole and a really, really solidly constructed LLC or other corporate structure isolating it from any other asset I care about.
Note I am limiting this to just things they have clear trademark to. Grab the steamboat itself and do as you like. The soundtrack will be up for grabs. But I wouldn't expect to be able to defend myself in a trademark suit with the claim that the Mickey Mouse I used is not copyrighted; I expect the counterargument will basically "Yeah, but who cares? This is a trademark lawsuit".
Well, it's not just the film, it's also everything in it, including (that design of) the characters themselves. When that enters the public domain, anyone can use (that design of) those characters for any purpose, including in their own works that have nothing to do with the Steamboat film. I can go make a platforming video game ala Cuphead using those characters and sell it. While I think that's a good thing for society, you can probably understand why Disney doesn't.