Bacteria and fungi both can and do consume dead algae cells and cytoplasmuic contents.
I have grave doubts about the bacteria releasing anything that in antibiotic

Why kill yourself?
Some bacteria can attack some algae, so can some fungi.
Question is, does this play a role in our tanks or in natural systems with plants?
No, not really.
Inverts(mostly microscopic) are larger role players here and that's mainly phytoplankton, not epiphytic algae.
As far as NH4/NH3....plants use only NH4 and can convert it, they have plenty of H+'s floating around to use for transport.
But in general, the plants will do better at lower pH's than at higher ones for uptake of some nutrients, however, for Carbon, there's more around in natural systems in harder higher pH water........and Carbon is generally the most limiting thing to submersed plants.
I'd worry more about CO2 than pH.
Regards,
Tom Barr
regards,
Tom Barr