Students can see any likes, comments and folders associated with any item they have access to.
For example, if you have "Students can see each other's work" ON for your class, your students can see any likes or comments made on their work by the teacher, parents or students. They also can see any likes/comments made on any other students' work in your class.
You can control what your students can see in your class settings. Learn more about class settings here.