We are tracking updates for DHS H4 EAd rule and court case here actively:
At this time, there is nothing concrete and hence H4 EAD is still available. You can apply for it at this time.
H4 Change of status processing time
We track and update H4 Change of Status (COS) processing time everyday here:
Depending on the USCIS service center, H4 COS is taking somewhere between 5 months to 1 year.
If you want to change to H4 quickly, you can go out of US and get H4 visa stamp via US embassy.
That will be lot faster than filing F1 to H4 COS within US.