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You can generally apply for a study permit while your Self-Employed Class application is still being processed. The study permit will be assessed separately, so make sure you meet all requirements and clearly mention your pending PR application.
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You may still apply for a study permit while your Self-Employed Class application is being processed. This is considered dual intent, meaning you can have a long-term plan for permanent residence while also proving that you will follow the conditions of your temporary study permit. Just make sure you meet all study permit requirements and explain your situation clearly in the application.
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You don’t necessarily need to wait for the Self-Employed Class decision. You can apply for a study permit separately under dual intent, but you still need to meet all study permit requirements and show that you will follow the conditions of your temporary stay while your PR application is pending.
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Honestly, trying to juggle a study permit while having a self-employed PR application in the pipeline can be a bit of a bureaucratic headache since study permits require proof of non-immigrant intent, which sometimes clashes with an active PR stream. If you're already down this road, just make sure your study plan is super solid and clearly justifies why you need the credential now, otherwise, officers might question your dual intent and slow things down even more.
 
You do not have to wait for the final decision on your Self-Employed PR application before applying for a study permit.

Canada recognizes dual intent: someone can have a permanent residence application in progress and also apply for temporary status as a student. However, you still have to independently qualify for the study permit and satisfy the officer that you will respect the conditions of your temporary stay if the PR application is refused.

For a study permit, you would normally need a letter of acceptance from a designated learning institution, proof of sufficient funds, and in many cases a PAL/TAL, depending on the program and exemptions.

One thing I would be careful about is how the proposed course fits with the profile you submitted under the Self-Employed Persons Program. That program assesses factors such as your relevant self-employed experience, education, age, language and adaptability, and your PR application remains a separate process.

So yes, you can apply for a study permit while waiting. Just make sure the study plan is genuine and well explained rather than presenting it as a way to “make headway” on the PR application.