I think it is permissible, because I was able to renew my DS-2019 while waiver is pending. However, keep in mind that you won’t be able to renew DS-2019 as soon as waiver gets approved. So, once approved, you have till the end of the academic year, then you need to switch to H1 or GC, of whatever options available for you..
may I ask how long your waiver has been pending? And when did DOS receive your I-612/613 forms?