These fakes are made of young women with what looks like cum all over them or in a pose to give a blowjob or be penetrated. Devaluing nudity does not change how people interpret porn.
No. The first amendment does not provide unlimited protection for all things that resemble speech. Students have further limited speech protections, and sexual speech by students at school has been expressly found to not be protected by the first amendment. Abusive and bullying behavior is similarly unprotected. And while I don't believe that there has been a first amendment challenge to deepfake revenge porn laws, I'd be stunned if such a law didn't survive strict scrutiny.