Is it? I seriously doubt it.
Other than "you can't trust anything you don't see with your own eyes", what kind of shift is it? People lived like that for literally millennia before photography, audio, and video recording.
At absolute worst, we are only undoing about 150 years of development, and only "kind of" and only in certain scenarios.
Moreover, people were making convincing edits of street signs, etc. literally 20 years ago using just Photoshop. What does this really change at a fundamental level? Okay, so you can mimic voices and generate video, rather than just static images. But people have been making hoax recordings and videos for longer than we've had computers.
I think the effects of this stuff will be: 1) making it easier/cheaper to create certain forms of art and entertainment media, 2) making it easier to create hoaxes, and 3) we will eventually need to contend with challenges to IP law. That's about it. I think it will create a lot of value for a lot of people (sibling comment makes a good point about this being equivalent to CGI), but I don't see the big societal shift you're claiming that this is.