It is mainly not an allusion to "Beauty and the Beast" - though the curse being that he turns into a creature may possibly be a reference to "Beauty and the Beast", it is also common in fairy tales, and it is mainly a twist on Disney’s original "Sleeping Beauty" story.
Prince Phillip turning into a creature is the writers adding an additional “twist” to the story of "Sleeping Beauty". The curse being that he turns into a beast may be a reference to "Beauty and the Beast" but the rest of the possible allusions were already part of "Sleeping Beauty" in some form. Additionally, humans turning into creatures is a relatively common theme in fairy tales - the Frog Prince was a frog, the brothers in the Seven Swans all became swans. Not every occurrence of a human turning into a creature is related to "Beauty and the Beast".
Prince Phillip, Aurora, and Maleficent all had roles in Disney’s original "Sleeping Beauty" somewhat similar to the roles the characters given their names in this television show. Prince Phillip and Aurora were already each other’s 'true love', which had been used to break a curse on one of them with its power. In the original it was Aurora who was cursed, and Prince Phillip who must break the curse on her, but a version of this is a key plot point in the original Disney movie.
Maleficent already was known for casting a curse on one of the characters - their retelling in which someone named Maleficent curses a main character of Sleeping Beauty is more likely an allusion to the character of the original Maleficent herself rather than the enchantress of “Beauty and the Beast”. What is changed is that Prince Phillip is the one who was cursed by her and in need of his true love to break the curse instead of Aurora being the cursed one.
Therefore, in large part, it seems based mainly on the characters in the original Disney movie "Sleeping Beauty" whose names are given to these characters in this television show, not "Beauty and the Beast".