Fair use doesn't provide protection when a product affects the marketability of the subjected work. I think we can all agree that a game that depicts a child cartoon in a crude game about drug use wouldn't be ruled on favorably.
I've never seen such a ruling or law for a noncommercial piece. I've seen porn parody of the Teenage Mutant Ninja Turtles and Fortnite which ARE commercial products, so why would a original asset game that parodies for noncommercial purposes lose legal protection?