Yes - partly. It takes about three minutes. Though it doesn't reboot automatically to switch to AP mode right now (bug). So if you switch to STA mode, are locked out, let it remain booted for 4-5 minutes, and then reboot it (power cycle). It should have switched back to AP mode. But let me know how it goes.
In AP mode, the channel is locked to the one you select - doesn't scan automatically. We tried scanning, but the driver has issues.
Yes, AP mode has known signal strength issues.