Nevada is one of the states which assumes its “citizen legislators” will have a full-time career separate from the very part-time work as a legislator. Their state senators get paid only around $9,000 per yr, plus expenses, so they would have to maintain their prior career unless they are supported by a spouse or a trust fund.
Still, it is an interesting constitutional problem, whether someone in any “executive branch” function, can be allowed to serve in the state legislature. It could be an oddity (as in this case) for a university administrator to be barred from serving in the legislature, when a university is somewhat remote from the Governor’s office. But if it still counts as “executive branch” then maybe the courts will force her to choose.
According to the Board of Regents Bylaws (http://system.nevada.edu/tasks/sites/Nshe/assets/File/BoardOfRegents/Handbook/T1CH01BylawsoftheBoardofRegents(1).pdf) the university is not part of either the executive or legislative branches of the State, having been established as a separate legal entity. Their interpretation appears to me to be consistent with the other parts of the constitution dealing with higher education.
That makes sense, therefore it does not apply.
Nothing logical applies to government.