I think the answer is yes. Here is what my school's lawyer said:
"Because you currently have H-1B authorization at the University, you may
continue to work for up to 240 days after the expiration of your H-1B while
the application is pending - if for some reason it isn't approved by the
time the H expires."
I think it means as long as you received the extension receipt you will be
able to continue your work. Check with your school's ISO to confirm.
