As you observed, Jan 28 was unavailable a few days beyond 11m while Jan 27 was available, strongly indicative of inventory being taken offline.
However, refurb likely starts in late 2024 and likely will go floor-by-floor (though the Grand Villas may complicate that).
Inventory reduction was first evident in mid-October 2024 and was consistent with Floor 2 being taken offline. Since then, I have not seen the full inventory posted at 11m+7d at any point (but I haven't checked most days). Grand Villas (each one spans floors 4 and 5) have been out of circulation since early Jan 2025.
Rewinding the calendar a few days to when Jan 28 was first bookable with a 7 night reservation, it was apparent that it was going to be a pinch point as it had less inventory available than Jan 27 and walkers were out for the late January runDisney. The number of additional rooms taken offline starting Jan 28 was consistent with an additional floor being taken offline without returning any inventory back to bookable. A floor has since been returned to bookable inventory, but I don't know which exact date that was.