Sounds like double-dipping to me.
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.