yup. Just rescued 2 pilots in the Midway quick battle.
Center a downed pilot in your binocs on the bridge and the Resuce Survivor Icon will turn yellow. Click it and you'll get a message of the rescue.
You don't have to be right along side of them either, nor at all stop. I recovered one pilot while at slow speed. You'll know you're in range when that icon lights up and you have them centered in the Binocs.
Before I could rescue the other 4, I got bombed by a flight from the carriers