Which airport for our layover? Frankfurt vs MXP

Wife and I are traveling from EWR to Sardinia in mid June. We need to fly on United Airlines into a European hub and then switch to a different carrier to fly from said European hub into Sardinia. So this will require collecting our checked bag from United and rechecking it with a regional carrier. I’m trying to decide if we should make that hub Frankfurt or MXP. Frankfurt would be $800 cheaper between the two of us, so I’m inclined toward that, but is a tighter connection (1 hour 55 minutes).

Does anyone have experience or feedback they can share on how quickly you can get through Frankfurt airport as it pertains to the following steps (arriving on a flight from the US at 9:10am):

1. deplaning (do you deplane directly into the terminal or do they do the dreadful buses?)
2. passport control
3. waiting on a checked bag
4. transferring to a potentially new terminal for a regional flight (we would be flying in on United Airlines and switching to a flight with Condor Airlines….hard to tell from the internet if that will require a terminal change or not, so any experience is appreciated)
5. checking bag for new regional flight (Condor)
6. getting to the new gate

Is 1 hour 55 minutes doable? We will be flying business class from the US so will be one of the first people off the plane (though if you deplane onto a bus and have to drive somewhere that’s obviously less helpful of course).

Anyway, do we go for Frankfurt and save $800 or should we fly thru MXP where we would have a 3.5 hour layover?