Updating to kernel 4.4.120-45.1 leads to "System may be vulnerable to spectre v2"

There is no generic fix for Spectre - each affected code must be changed to use some mitigation technique provided. What it tells you that you loaded module that was not compiled to use mitigation available (or at least does not tell that it was compiled with it). So this module may be vulnerable. I won’t claim it is nVidia but it most likely is the module that it complains about.