Seems to me you could just as easily have asked, "Does the University of Phoenix believe that "Amazing Grace" is a twenty-something white guy with a messenger bag?" Or, "Does the University of Phoenix believe that "Amazing Grace" is a crowd of mostly white people walking in the street?"
Perhaps, rather than being fixated on race, it might be better to rejoice that this amazing song, which is familiar to millions of people of all ethnic groups, is being played on TV every time that ad runs.
You have to try way too hard to come up with a problematic interpretation of that ad.
You think the University of Phoenix knows that the song is about God’s amazing grace?