Yes, it just needs to be valid the day you re-enter.
That being said....
I know someone who didn't renew prior to travelling at Christmas, got Covid, and could not travel to reenter the UK before the expiration of their BRP. So they are now engaging with a lawyer to see if there are any other options other than reapplying and restarting the 5 year process from the USA.
If the travel MUST happen on that date in May, I'd apply now for the renewal. Otherwise, I'd wait to travel until after you have your BRP back in your hands.