As for art school, I've always heard that it was more fun than IT/computer science/accounting but way more dangerous, as in you weren't guaranteed a job at all. Not everyone has heard that, of course, not everyone has the time/skills/resources to plan their career. I don't really know what to say except that it sucks for them. On the other hand the lower bar of entry may bring way more art in general, like it did with digital art.
We know why rote labor is being automated. Not just to squeeze as much money out as possible but to reduce failures and liability and increase productivity. If a factory pumps out more medicine to save more lives who can judge maybe automation was worth the tradeoff.
But art? Is this something civilization needed to try automating? It's not going to create more jobs than it replaces. It's not going to advance society to the next industrial level. It's not filling a demand because we're already flooded with more media than we could ever consume.
Stability is important for society and tossing golden apples around "because" and telling people to "adapt" to senseless chaos is awful. People will get squeezed out and career change is a bigger deal than adapting from paper to digital.
They're not guaranteed jobs so why make it harder to get them? So failed artists can compete for jobs with the factory, fast food and coal workers whose time is written on the wall?
Honestly this whole "adapt" thing is a load of nonsense parroted by people who aren't immediately under threat and have nothing to fear. Who is going to adapt at 30/40/50 years old? How about people who just graduated art school? Go right back into college? Please.
Edit: For the record, I care about anyone getting displaced but not all displacement is of equal level. If highly educated/skilled labor is now at risk this world isn't prepared for what's about to come.