I think it is only fair that I update this thread as well for future reference.
Process
I applied for PGWP on implied status too around April 25th after waiting over 5 months for my study permit extension from November to be processed. I submitted a letter of explanation alongside the PGWP application explaining why I was applying without waiting any further on the SP extension and reminded them of the new update allowing me to apply since I had implied status as a student.
Outcome
The study permit extension was approved on May 8th (a little over 168 days after applying), and work permit application approved May 13th (19 days after applying).
On working
Until a new update mentions your work eligibility, you are not allowed to work until your PGWP application is approved if you applied with implied status on study permit. This is corroborated below by the IRCC Twitter:
Process
I applied for PGWP on implied status too around April 25th after waiting over 5 months for my study permit extension from November to be processed. I submitted a letter of explanation alongside the PGWP application explaining why I was applying without waiting any further on the SP extension and reminded them of the new update allowing me to apply since I had implied status as a student.
Outcome
The study permit extension was approved on May 8th (a little over 168 days after applying), and work permit application approved May 13th (19 days after applying).
On working
Until a new update mentions your work eligibility, you are not allowed to work until your PGWP application is approved if you applied with implied status on study permit. This is corroborated below by the IRCC Twitter: