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Senate Votes To Save Net Neutrality (gizmodo.com)
In a monumental decision that will resonate through election season, the U.S. Senate on Wednesday voted to reinstate the net neutrality protections the Federal Communications Commission decided to repeal late last year. From a report: For months, procedural red tape has delayed the full implementation of the FCC's decision to drop Title II protections that prevent internet service providers from blocking or throttling online content. Last week, FCC Chairman Ajit Pai confirmed that the repeal of the 2015 Open Internet Order would go into effect on June 11. But Democrats put forth a resolution to use its power under the Congressional Review Act (CRA) to review new regulations by federal agencies through an expedited legislative process. All 49 Democrats in the Senate supported the effort to undo the FCC's vote. Republicans, Sen. Susan Collins of Maine, John Kennedy of Louisiana and Lisa Murkowski of Alaska crossed party lines to support the measure. Further reading: ArsTechnica.
How do you figure? The FCC's congressional charter and subsequent amendments specifically authorize them to classify services under Title I and Title II and then regulate them accordingly, and the courts specifically upheld the FCC's authority to either enforce (or not enforce) Net Neutrality via Title II regulation. While I stridently disagree with what the FCC has done under Pai with regards to Net Neutrality, it's still well within their authority (though perhaps contrary to their purpose and mandate) to have done it, just as Wheeler's FCC was well within its authority to have classified the ISPs in a different manner.
This isn't a law, it's an Act of Congress (enabled by an existing law). The President has as much legal right to veto it as you or I do.
Aside from the parenthetical statement, pretty much everything you said is factually incorrect.
TL;DR: Yes, it is a law; no, it is not an Act of Congress; no, being an Act of Congress isn't to the exclusion of being a law; and yes, the President can veto it.
Getting into the specifics...
1) The House hasn't voted on it yet, so it's not a law yet if we want to get technical, but it will be if it successfully goes through the rest of the political process, the same as any other law that began in Congress. As such, it's fair to colloquially refer to it as a "law" (e.g. "The Senate passed a law"), just as you might with a bill or whatnot (more on the "whatnot" in a minute), even though those aren't technically laws yet either.
2) By that same token, it's not an Act of Congress yet either, since it needs to pass both chambers of Congress to be an Act of Congress.
3) Of note, laws are Acts of Congress, so saying, "This isn't a law, it's an Act of Congress" makes about as much sense as saying that an orange isn't an orange because it's a fruit. The one isn't to the exclusion of the other.
4) What passed today was technically an accelerated joint resolution per the Congressional Review Act (the "existing law" you referred to). Joint resolutions are basically just bills by another name, so far as you and I are concerned. Both are used to pass laws using virtually identical procedures. They get used in different situations, but otherwise the only everyday difference is that bills create laws known as Acts (e.g. Congressional Review Act), whereas joint resolutions create laws known as Resolutions (e.g. Iraq Resolution). Again, both of them create laws.
5) As with bills, the President absolutely can veto this, since joint resolutions cross his desk the same as bills do after they pass both chambers of Congress with a simple majority (with one notable exception: a joint resolution to amend the US Constitution does not cross the President's desk). Should he veto it, Congress can override him with a 2/3 supermajority of both chambers, again, the same as with bills.