The students of Class 1 - A would have a range of reactions. Ochaco might find the romantic elements in the fanfiction really sweet, especially if there are any cute ship moments. Iida would likely be concerned about whether the fanfiction adheres to some sort of moral code. He might be nitpicky about things like fairness and justice within the fictional story.
As of now, the Genshin manga is not finished. The story is still evolving and there's more to come for fans to enjoy. The creators are taking their time to develop a rich and engaging narrative.
There's no definite answer yet. It might continue if there's enough demand and the creative team has more story to tell. But it could also stop if they feel they've completed the story arc.
There is a Genshin Impact manga available. It brings the game's world to life on the page with beautiful art and engaging storylines. It's a great companion to the game.