Can I apply for F1 status change when my H4 extension is in progress?

[AAPhilip]

My H4 extension was filed in October 2022. My mom (spouse of H1B) is the H4 applicant and I am a beneficiary.  The H4 extension is pending with USCIS and my I-94 would end in Feb 2023. I got I-20 from the University that I studying the 2nd year. 

I do understand that I can file H4-to-F1 COS when there's a pending H4 extension.
I have a questions on the following 2 scenarios:
1) H4-to-F1 COS gets approved first and then the H4 extension gets approved next
2) H4 extension gets approved first and then the H4-to-F1 COS gets approved next (desirable)

From another article I read that in both the scenarios, the latest approval would void the prior. Scenario #2 w.r.t. H4-to-F1 COS is desirable to me since I am preferring continue my education in F1 and further move on with the CPT, OPT path.
However, in the case of Scenario #1 would the approved H4-to-F1 COS would get voided if H4 extension gets approved later?

What is the suggestion in case Scenario #1 is a problematic one? Would a cover letter mentioning about pending H4 extension provide clarity to USCIS to proceed with only the F1 COS while still considering the H4 status as legal until F1 COS is approved?