Regular reminder that any Wizarding World property decisions are out of Universal's hands. Whilst they have a licence agreement to allow them to build Wizarding World themed attractions, it is not an exclusive contract and Warner Bros. Discovery retains the right to refuse the licence for any proposed new attraction.
Warner Bros. Discovery has already submitted plans to extend the Studio Tour London attraction, and it's more than likely that this is to tie in with the Harry Potter Max Series. They are unlikely to cannibalise their own attraction and plans in the UK market, especially as they can have exclusivity.
Any Universal development in the UK, if it does indeed go through, is likely to be successful without Wizarding World attractions. Warner Bros. Studio Tour London would likely falter without the exclusivity.
Props and sets are cool when they're the only thing around, immersion tends to win out. If you need an example of this, look no further than the Universal and Disney parks, which themselves have stripped back their original "studio" and behind the scenes elements, to a point that they barely exist.