Sorry I don't know the answer to the question, but maybe I can phrase it more clearly.
In the event of a delayed IAP approval or denial for a consumable product that the store does not keep track of, what happens if the game is closed before triggering on purchase success/failed?
I assume the purchase would simply be lost. Although I was under the impression that credit card processing happens entirely in the store overlay, with success or failure determined before even returning to your game. I imagine play store would have it's own timeout protections, but I don't have any experience with that.
But that's what those tests are for, so you can try it and see what happens to decide how you want to handle it.