Yes. You are technically out of status, but in a state of "authorized stay" until the I-485 is either approved or denied. You are not accruing unlawful presence, but you have no legal status.
https://www.murthy.com/2018/12/17/differences-between-lawful-status-period-of-authorized-stay-unlawful-presence-2/
"Period of Authorized Stay
Even if a foreign national is, for a period of time, not holding a lawful nonimmigrant status, the individual may be in a “period of stay authorized by the Attorney General” (i.e. period of authorized stay). One of the most common situations in which this occurs is when a properly filed application or petition to extend or change nonimmigrant status is filed with the USCIS on behalf of a foreign national."
"Another very common example of authorized stay is when a foreign national is present in the United States while an application to adjust status (I-485 form) is pending. An adjustment of status applicant who does not have lawful nonimmigrant status, such as H or L, generally is considered to be in a period of authorized stay as long as the properly filed I-485 remains pending."