Yes, you can switch tow/haul on and off at any time, moving or not, just as you can shift in and out of overdrive, etc. at any time.
Frankly, there's little reason to disengage it, particularly when it's providing good engine braking. The engine/transmission computer won't do things that damage the engine or transmission; while the higher RPMs may sound a bit scary, they are not a problem and within the design limits of the system. (The V10 is a fairly high revving truck engine, in general, and having at least two more cylinders than most other truck engines makes it sound somewhat like it's spinning that much faster than it actually is.)