Is Disney Dreams of Christmas a firework display? So this is repeated at mid night on new years eve? So therefore it sounds like we need to head elsewhere for the New Year fireworks - the question is Village or Studios?
No, Disney Dreams of Christmas is projection show on the Sleeping Beauty Castle.
It has some small water- and fireworks effects in it.
Normally there's the regular Disney Dreams daily at closing time of the park.
During Christmas season this will be replaced by a Christmas adaption.
On New Year's Eve they do this twice, once around 18:00 for the people who don't want to stay that long and once at midnight.
To be honest, it doesn't really matter which place you choose to watch the fireworks.
Both aren't really that spectacular, spending NYE at Disneyland Paris isn't nearly as magical as it used to be.
Since two years they have decided to focuse more on the expensive NYE dinners at the hotels instead of putting the focus on the entertainment in the parks.