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nothing can "devalue" art. each piece of art means something different to every person who has ever perceived it. nothing can add or remove "value" from that.
you can argue it removes economic value from it, but then I would remind you that money and the economy is entirely made up and has no intrinsic value of it's own besides what you give it.
either way, if you're perceiving art as less valuable because of the existence of generative AI, then it is your own subjective choice for that art to have less value, not an objective "fact" as you claim.
Well, unfortunately, we live in a complex world where thinking that you know something for sure can end in a fatal mistake, and history has proven this many times. So yes, value is a relative concept.