@MissySki, you could document their current state of despair with photos and post them here, then document and post pics as they put out new growth. I'd like to see what happens. You could also start a thread asking your question on this hosta forum where people in the know may answer:
https://www.houzz.com/discussions/hostas You won't have as much trouble posting pictures there as here, by the way. You won't have to reduce the file size if your images are too large. The platform does it for you.
I haven't protected my hostas from deer yet because I've been thinking just as you have. Deer have never eaten pips before in my garden, but they have munched down on leaves for sure. I'll do something today.
Some hostas produce only one flush of leaves per season, while others produce a second flush after blooming, and I think some continually produce more leaves all season. Their natural growth habit may have an impact on what they do with the stored energy they were planning on putting into the leaves they had already sent up. They may build more buds underground. I don't know.
If you leave alone the mangled leaves that the deer left behind and allow those leaves to grow up with their distorted shapes, they will still be able to do photosynthesis and provide nourishment and energy to the crowns and roots, so there will still be underground growth even if the leaves are distorted.
If you remove all the leaves because they are ugly, you may not get much leafage to replace them. For new replacement leaes, there probably needs to be buds already in place ready to make new leaves now. In other words, they may need to have buds that were going to send leaves up anyway. But I'm just guessing.
I feel your pain. I love my hostas and become a raging mama bear when someone attacks them. Darn vegetarian deer!