This may be a case of good idea taken too far, to the point where the teacher loses sight of balancing innovation with traditional learning. Graphic novels are valid and interesting works of literature as well as art, and studying the genre, then creating it themselves is an excellent idea. If the teacher has come up with a way to really engage the kids in learning with a focus on creating something real, that's commendable...but not to the exclusion of covering the basics. These kids need to be prepared for high school level scholastic writing. They should have a thorough understanding of grammar, and should be able to critically evaluate works of literature and discuss underlying themes. Your child's class sounds like it would be better as an elective taken in addition to traditional Language Arts.
(Maybe that's what's going on. Some school districts require the Honors classes to use the same textbooks as the regular classes, but they cover the work more quickly and discuss it at a higher level, then add enrichment assignments to challenge the students.)
