I’m not sure I understand. Could someone not take an existing legitimate video, light and all, then manipulate it to e.g. have the president saying something else?

If you don't manipulate the visual part, lip movements wouldn't match up to what's said. If you do manipulate it that now has to respect the super special light. I don't think it'd be impossible, but it'd be far harder than a regular deepfake. And even if you succeed (or someone writes good software that can do it) the white house can still point to the original video to show that the two were presumably taken at the same time, so one of them must be fake.

It'd agree that it's a lot of effort for very marginal gain