To be perfectly honest, I simply don't see why a statement like "everything is a story" should be construed as a sign of immorality. It's a perfectly reasonable point of view for any journalist. A journalist that withholds or ignores potentially interesting information is much more worrysome, imho.
That it seems inappropriate in this particular context is, if anything, Felicias fault. The reasoning behind the quote itself is sound, but the gravity of the situation in which she reiterates it completely twists it's actual meaning.
It's a bit of a moot point anyway, since a) Angelica specifically asked Patsy to write about her, as a means of taking control of the situation and b) the scene does not actually give any information on Peters ethics as a photographer whatsoever, they're just talking about something someone who may or may not be Peter Parker has said at some point in a completely unrelated situation.