Very much so, and no, they are most certainly not synonymous. Without diving too deeply into the technical/academic details and terminology and painting in very broad strokes they have different 'target-audiences':
Positive portrayals of minorities in the media can affect how others see them (normalization), but can also affect how they see themselves (validation). Which one you lean into, and how far you lean into it, not only dictates your primary audience, namely the community itself or everyone else and hence, obviously, also the communication itself. Those two goals can also definitely be at odds with each other.
As to the fine line between good representation and 'virtue-signaling', eh, who gets to be the judge? As I said above, so much depends on what you communicate, who you target with it and what your end-goal is.
One thing however I would be wary off, and that is ascribing political motives to the likes of corporate entities like Disney, Netflix etc, and more importantly, that this representation/virtue signaling is a negative. They just follow the money, and the money is currently in portraying diversity. Increasingly so even.
Corporate media definitely has an agenda when pushing representation, but as always, the main focus is simply our bank accounts. Apparently the market as whole is responding positively and not getting turned off, so we can expect this trend to grow.
Make of that what you will.
And as for children vs adults, the term you are looking for is young adult. You may object to this on a personal level, but in general the media targeting this group definitely deals with themes of love, identity, violence and sex.


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