Yes, once you have your Temporary Certificate, you are legal to operate commercially under the Part 107 regulations and can request airspace authorization and apply for operational waivers.

And like your actual pilot certificate card that will come in the mail 6-8 weeks after applying for your license through the IACRA system, you’ll need to print the Temporary Certificate or have it available electronically (PDF) when flying commercially in case anyone asks to see it.