Yes it's true!
Disney will close their Snow White ride but it'll open back up in 2020 with some upgrades!
It's not clear when the upgraded ride will reopen but it will be early in early 2020.
Disney released an official statement describing the updates to Snow White's Scary Adventure:
Walt Disney Imagineering is reimagining how the classic tale of Snow White lives happily ever after, and guests will be invited to follow along with her story.
In addition to experiencing familiar elements of the attraction you know and love, you’ll discover enhanced story details and all-new scenes. For example, a new vignette will show Snow White in a beautiful forest setting waking up from her deep sleep. Also, the attraction will conclude when Snow White is reunited with her animal friends and a shimmering castle is seen in the distance.
Imagineers are implementing state-of-the-art audio and visual technology throughout the attraction, including new music, LED black lighting, laser projections and a new animation system. The exterior of the attraction will be completely refreshed with new, fairy tale-inspired details to complement the nearby charming Sleeping Beauty Castle.
I can't wait for this ride to reopen!