Same here, we've been three times to Orlando and twice to Paris. Paris is very much the poor relation but you only know that if you've been to both and can make the comparison. If Paris is all you can stretch to because it can be done for 2 or three days and you can camp nearby, or drive over, instead of needing long flights and a week in a hotel or villa as a minimum, then you will still have a really great time and its totally worth doing.
We never needed to operate on a tight budget and our Florida trips all cost an arm and a leg but they were worth every penny. We've done both villas and the official Disney hotels. Enjoyed them both, but on balance we preferred the space and flexibility of a villa with a pool to having hotel rooms, even if they came with restaurants on site and a snazzy pool that was bordering on being a water park. The villa option offered proper R&R and a bit of space from one another so we could decompress after a hectic day. We never stayed in any non-Disney hotels, so I can't comment. But again, unless you've been to better and can compare, then it will be absolutely fine and you'll still have a really great time.
I would never try to suggest to someone that they couldn't or shouldn't attempt it on a tighter budget. It's absolutely doable but it will take careful planning and obviously a few compromises. It's a fantastic, unforgettable holiday however you do it, providing you plan well. The only thing I will say is that if you can only afford to go once, then wait until your youngest is at around 7 or 8. Our three children were at different stages each time we went, so each holiday was different in terms of what they were able to do and how we got the best from it.
Under threes will get very little from it and won't remember much. They will slow everybody else down, need more rest breaks etc. 3-5s will get plenty out of it, but will still need a lot of rest breaks, get tetchy and tired, too hot etc. 5-8s will get far more from it, and cope better but still get overwhelmed, as do we all at any age to be fair. Only the 13-20 age group seem to be on the Columbian Marching Powder and can cope with any heat, any queue and keep going for a 12 hour day without losing their shit. If you have a split age group you can allow the over 14s to go off and do their thing in the parks (maybe with one parent if they would otherwise be on their own) while you cater to the younger ones at a slower pace. Once they are all over 8 they are generally old/big enough to go on most rides, but also young enough to still be captivated by the shows and the characters in costume etc., whereas older teens might be less fussed about those.