Not correct. Even though they do not send a separate notice to deny EAD and AP, since these are dependent applications they are not valid if the primary basis (i.e. 485) is not valid.
Some lawyers have an interpretation that until the 485 is denied by the AAO, it is not considered completely denied, hence EAD and AP are valid and it is OK to use them.
I had asked this question to my lawyer when my case was denied. She said it is not safe to use EAD and AP if your 485 is denied. She is a very reputable lawyer from a very reputable law firm.
Please read this from a murthy chat:
Chat User : Which is the best option, using AP or H-4 to go out of country and reenter into the USA?
Attorney Murthy : It depends on which option has the greater risk for a particular person. Generally,
it is safer to enter on the H-4 if there is a likelihood that the I-485 could get denied. On the other hand, if there is a greater risk that the H1B employer could terminate employment earlier, the AP may provide greater protection.
As long as the I-485 is pending, a person is considered in legal status in the U.S. and the EAD allows the person to work legally. The H1B/H-4 provide backup protection if the I-485 gets denied.
Link:
http://www.murthy.com/print/chat0614_P.html
Even though it does not say clearly, but it can be inferred from the above that if 485 is denied, everything that is obtained because of pending 485 is invalid.