That’s true, although I’m not sure how many of the young riders would be familiar with it. I’d guess that many more kids today have ridden that ride than read the book, so the ride’s popularity probably still isn’t tied very closely to either source material. Plus the ride designers sure took their liberties with the story. Instead of the book’s “happily ever after” ending, you get killed in a head-on collision with a train and wind up in hell. Who knew that classic Disney rides could be so dark?
Side note- Amazingly, the animation never once shows Toad actually driving a car. (A horse drawn wagon, locomotive engine and airplane, yes, but the car ride is left to your imagination.)