The spiritual substance of Frozen 2 (contains spoilers)

To the north of Arandelle, the realm of the material, lies Northuldra (see below regarding the name*), which represents the internal, hidden realm of the spirit. Arandelle attempts to move from cooperation to supremacy (of the material over the spiritual) by shutting down the flow of waters with a dam, with the secret aim of making Northuldra dependent on Arandelle. It responds to Northuldra's subsequent resistance to the new order with brutal repression, plunging Northuldra into a state of isolation, separated from the world by impenetrable mist. The story of what happened is also shrouded by this very mist, so the realm of the material is now unaware of what it has done. The characters in the hidden world are now trapped, replaying their battles out of sight, unaware of what is going on in the material world to the south.
For 34 years, things go well for Arandelle, until the spirits of Northuldra find their way to Arandelle and effectively shut it down, driving out the population. The material is thus incapacitated, and its representatives must head north for a solution.
The solution involves Elsa, who is the channel to spirit (the 'fifth element'), delving northwards (inwards) to discover the truth (following the call of an inner song) and communicating the terrible wrong she discovers to Anna. Anna, representing the material world, then performs the physical tasks required to right the wrong (inducing the earth giants to destroy the dam). When the truth is discovered, the dam must be burst to break the spell and undo the harm, but that is sure to flood Arandelle, which lies near the mouth of the fjord. Arandelle decides it is worth risking all, and, because harmony has been restored, the material is preserved at the last moment by spirit, and Arandelle is spared.
After the resolution, the older sister, Elsa, presides over the realm of the spirit (Northuldra), and the younger, Anna, presides over the material (Arandelle). The two are children of a marriage between one representative of each realm, with the mother (spirit) previously saving the life of the father (the material). The true, natural hierarchy is thus restored, and natural frequent communications take place between the two realms.

*The name 'Northuldra' can be broken down into 'North' and 'huldra'. The latter element, in Nordic languages, suggests enchanted forests and sprites and also concealment (e.g. 'concealed' in Faroese is 'huldur').

Other relevant quotations:

'One born with magical powers, and one born powerless' (This refers to Elsa and Anna, respectively. The spiritual is the source of power. Yet the two parts need each other.)

Regarding magic:

'Young Elsa: Were the Northuldra magical, like me?
Agnarr: No, Elsa. They were not magical. They just took advantage of the forest’s gifts.'

There is nothing 'supernatural' about accessing the Higher Power: it is there. We simply have to learn how to use it.

* * * * *

Other Frozen 2 quotations

'Olaf: We’re calling this "controlling what you can when things feel out of control."'

'Pabbie: The past is not what it seems. A wrong demands to be righted. Arendelle is not safe. The truth must be found. Without it, I see no future.'

'Pabbie: When one can see no future, all one can do is the next right thing.'

'Elsa: What were you doing? You could have been killed! You can’t just follow me into fire.
Anna: You don’t want me to follow you into fire, then don’t run into fire! You’re not being careful, Elsa.'

'Anna: What else do you miss?
Mattias: My father. He passed long before all this. He was a great man. Build us a good life in Arendelle. He taught me to never take the good for granted. He’d say, “Be prepared. Just when you think you found your way, life will throw you onto a new path.”
Anna: What do you do when it does?
Mattias: Don’t give up. Take it one step at a time, and…
Anna: Just do the next right thing?
Mattias: Yeah. You got it.'

'Remember, the goal is to find the voice. Find the truth, and get us home.'

'Elsa: This is my fault. They were looking for answers about me.
Anna: You are not responsible for their choices, Elsa.'

'Elsa: Honeymaren said there was a fifth spirit. A bridge between the magic of nature and us.
Anna: A fifth spirit?
Elsa: That’s who’s been calling me, from Ahtohallan. The answers about the past are all there.
Anna: So we go to Ahtohallan.
Elsa: Not we, me.
Anna: What?'

'Anna: I don’t want to stop you from being whatever you need to be! I just don’t want you dying trying to be everything for everyone else too.

'Olaf: Oh, that’s good. Hey, Anna, I just thought of one thing that’s permanent.
Anna: What’s that?
Olaf: Love.'

'King Runeard : Magic makes people feel too powerful, too entitled. It makes them think they can defy the will of a king.
Elsa: That is not what magic does. That’s just your fear. Fear is what can’t be trusted.'

'Olaf: Did you know that an Enchanted Forest is a place of transformation? I have no idea what that means, but I can’t wait to see what it’s going to do to each one of us.'