I don’t know for sure, but I believe to receive any benefits from the annual pass, it must be valid at the time of receipt of such benefits. However, I find it pointless and a waste of money to renew the AP if you are only going to visit Disney World only one time for the that entire year, especially since you can buy multi day tickets for much cheaper than the AP. You may be able find other discounts (Sometimes you can get a big discount if you are a Disney+ subscriber and the subscription can still be used anywhere). The Annual Pass is well worth it if you live not too far from Disney (within a two hour drive or less) or if you are a digital nomad, or retired (such as full time RVer who works remotely or retired) or a snowbird staying the winter near Disney World who goes to Disney World several times a year. I have seen times where Disney+ subscribers can get as much as 25% off the nightly room rates at certain hotels on the Disney property.
However, if you have a friend or family member traveling who has an annual pass, you may be able to get a discount on the room, however, the reservation must be in the passholder’s name and on the passholder’s credit card and the passholder needs to be present to present their pass, driver’s license, and credit card to check in. I am a Disney+ subscriber and I would use my subscription to get a discount if it is offered at the time I visit Disney World to rent an RV site at Fort Wilderness and take my motorhome (with my truck in flat tow) and enjoy watching Disney movies on Disney+ in my motorhome when I turn in tor the night. In fact, there are times where Disney+ subscribers could get a free dining plan as well (huge money saver) if they book a four night non discounted stay with the Walt Disney Travel Company at select Disney hotels and with purchase of theme park tickets.