Update as of October 31: I am resuming activity as a moderator
A month ago I announced on main meta that I was suspending my activity as a moderator in response to Stack Exchange summarily removing a moderator for alleged violations of the Code of Conduct. As I and others have pointed out, the allegations made by SE against this moderator are not supported by the facts (most of which are only accessible by other moderators); as a result, it has not been clear exactly what the Code of Conduct (either the recently revised version or its predecessor) actually required moderators and users to do in order to avoid violating it. In the face of such ambiguity I decided to remain inactive until SE provided better guidance as to what the Code of Conduct is intended to require.
A few weeks ago SE attempted to post a list of answers to FAQs regarding the new Code of Conduct but the initial list was such a disaster that SE had to post a new set of FAQs. The new FAQ answers are an improvement but are still woefully vague. Moreover, it is apparent that SE is incapable of providing any better guidance as indicated by comments from SE employees to the effect that they are "learning, too" and that they "may not have all the answers immediately". I have therefore come to the conclusion that there is no point in waiting any longer for SE to provide better guidance to moderators on how to enforce the new Code of Conduct, otherwise I will be forced to wait indefinitely.
Although SE's actions these past few weeks are reprehensible, I do not wish to hurt this site by leaving it with an understaffed moderation team as a way to try to punish SE. I genuinely enjoy assisting the community in caring for the site; I work for this site and its community, not for SE. Therefore I am resuming activity as a moderator, effective immediately.
As for the new Code of Conduct and FAQs, if I encounter a flag related to pronouns I will use my best judgment -- as I always do -- to handle it properly. Due to the lack of clear guidance from SE I will only handle the most obvious such flags myself, and I will forward all other such flags to the CMs so they can figure out the correct answer. If that's not good enough for SE then so be it.
I can't be too specific but the two remaining active moderators are each handling a limited number of flags. Still, the flag queue is the largest I've ever seen it (on both main and meta) and the average flag handling time has spiked to over 24 hours for the past week (by comparison, the average is typically around 2 hours).
Flags for moderator attention never age away, though other types of flags age away as explained by an SE employee here.
I can't speak for Rand and Kevin but I, for one, am waiting to see the final text of the new Code of Conduct (which is due out today) and explanations on how moderators are supposed to enforce the new requirements. I will decide what I will do next once this information is available. (Several drafts of the modified Code of Conduct text have been posted in the Teacher's Lounge and the moderators' Team but the drafts are too different from each other to tell what the final text might be.)
Update as of October 15:
The new CoC is out as well as two sets of FAQs regarding the changes (one for all users which is available on main meta, and another tailored to moderators in the moderators' Team). However, there are still important questions about the new CoC (such as how to determine whether a pronoun is requested in good or bad faith) which remain unanswered or are vaguely/inadequately answered. Additionally, we've been told in the Teacher's Lounge that SE is planning to modify the FAQ on main meta. Therefore I must unfortunately continue to wait for SE to provide answers.