Sure, they would have to pay for likeness rights, unless they could get some exemption by calling it a “parody”. Still, that has to be a lot less expensive than actually paying his wage.
As for cartoons, I think they would still have to pay likeness rights if it is obvious they modeled in on a living person, unless it is also disguised as parody.
I’d like to make it where they didn’t pay the SOB’s a single penny...