You are correct in assuming that frames do not conform to the HTML5 draft (to the extent that it makes sense to speak of conformance to a draft). HTML5 is not a standard, though it may one day become W3C Recommendation. It does not use the term “deprecated” but “obsolete” and “non-conforming”, but in any case, frameset and frame elements do not conform.
The iframe element (“inline frame”) conforms, however. Using it instead of “normal” (old-style) frames is clumsy and limited, but possible to some extent.
I think this answers the specific, on-topic questions asked. The rest is mainly opinion-based and hence off-topic at SO.
P.S. If “living up the the standard HTML5” is a requirement, then the teachers would need a crash course on the basics of HTML5 process. The requirement means that a page that is “standard HTML5” in the morning may become non-conforming before lunch. After all, HTML5 is a draft that may change at any moment without prior notice, and it says itself: “It is inappropriate to cite this document as other than work in progress.”