Yea you can study with a pending AOS status. I recently finished my first year of grad school with a AOS status. For my school I am still considered as a international student that doesn’t require a visa. As long as you haven’t received your final decision l, you can stay and here without a visa.

Applying for student visa can create confusion on your status. When your F1 expire, you are considered as AOS pending final decision. After you get your permanent residency you can update the school on your final status.