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I was on student status and went through the employment-based process, and received a work permit (EAD) card.
If I use this work permit to work, what effect does that have on my existing status?
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Student status is a nonimmigrant status. The moment you begin working under a work permit obtained through an immigration filing, your status shifts to reflect immigrant intent, and your existing (nonimmigrant) status is extinguished. So if your green card is ultimately denied, you may have no status to fall back on and could face an unexpected requirement to leave the country immediately — please keep this in mind. We recommend maintaining your existing status without using the work permit card whenever possible.
To add more detail: F-1 and F-2 are both nonimmigrant statuses. The moment you begin receiving immigrant benefits using an EAD and Advance Parole after filing I-485, your existing F-1/F-2 status (which falls under the nonimmigrant category) is extinguished immediately — resulting in the loss of any separate nonimmigrant status.