Hmm I think it depends on alot of things. Public officials have little rights in terms of satirical parodies, so there could be grey areas in terms of using deepfakes to impersonate officials doing stupid things. Articles in the satiracal site, theonion.com, are often libelous but since it's on a comedy site it is allowed.
Great, we're going to give Trump the ability to throw Alec Baldwin in jail.
Or you can have the daily beast doxx you for doctoring a parody video... of a politician
But then you have to somehow prove a fake is a fake. That's not easy now, and will only get harder.
With either the libel law, or this newly proposed law, it is still necessary to prove fake.