You are correct, the pending H-1B petition is unaffected by the latest proclamation/H-1B visa ban; it only applies if and when you want to apply for an H-1B vis

You are correct, the pending H-1B petition is unaffected by the latest proclamation/H-1B visa ban; it only applies if and when you want to apply for an H-1B visa at a US Consulate abroad. And yes, you can travel on your F-1 visa while the H-1B petition is pending or even after it is approved; this just means that you might to leave the U.S. at some point and apply for an H-1B visa to "activate" your H-1B status. But make sure to check with your company's attorney because your ability to travel on your F-1 visa could be compromised if and when the H-1B petition is approved if approved as a change of status.