You'll learn more than you ever wanted to know about graphic design here:
http://www.aiga.org/why-design/
https://www.graphicartistsguild.org/
In my opinion, graphic design *can* be art... if the piece itself is artistic. (I do graphic design, fine art, and marketing.)
There is a great deal of change in the field right now. I think it's very exciting. Over the last few decades, we've seen more and more design museums opening across the country, and more fine arts museums are mounting design exhibitions.
I see the elite end of the design spectrum being received as fine art. The lower end of it is still seen as amateurish, desktop publishing drivel.