H1B extension - consular option

[Redington]

I'm employed on H1B (16th year on H1B and GC processing is in progress) and on US payroll. However I'm currently in India and unable to travel back to US due to travel restrictions and expired visa stamping.

With my I-797 expiring soon, H1B renewal application is being submitted but as a consular option and it would be of immense help if I can get some details on below questions.

1. With new petition filed as a consular notification, when my current H-1B expires, can I still be employed on US payroll before obtaining new H-1B Visa and re-entering US?
2. How long will it take to get a decision from USCIS for a H-1B application submitted as consular notification? Is premium processing available/applicable? How long will it take to get a decision from USCIS for a H-1B application submitted as consular notification? Is premium processing available/applicable?
3. As my current GC processing is in progress, does this situation affect validity of my current GC application?

Thank you in advance.