This is the party I recommend to every mom who has one child who wants fairies and one who wants swords, or a class where half the children want each.
You do not need to choose. The kingdom has both, and the dragon is a problem for everyone.
Fair warning: the water balloon dragon is the loudest ten minutes of the entire party, so save it for when the energy needs somewhere to go.
Tip
Cut the shields and gather the sticks a week ahead, it is the only part that takes real time. Keep the marshmallow skewers for over 5s only and hand younger children a cookie instead. If the weather turns, move the dragon indoors and swap the water balloons for rolled up socks.