My harmony book has not covered this kind of progression and annoyingly, it appears in this figured bass which I am supposed to harmonize. I am stuck on this V chord that appears to become a V6/4 (or I64 as it is sometimes called) which then moves to a IV chord. Now I have been told, for the level on which I am, that from V the only place I am allowed to proceed is to a I chord. In the following chapter I learn about deceptive resolutions etc but for now I am supposedly supposed to only be able to go to another inversion of V or to resolve to I or I6. But to resolve to I6/4 has not yet been covered. Is this progression common in common practice harmony? I thought the I6/4 cam before the V and resolved to the V at a cadence. Here it seems to be evading a cadence by moving to IV.
The answer to the literal title question is "yes". A V6/4 could come after V when there is a V chord over a descending arpeggiated bass.
The answer to the intended title question is "sort of". By definition a cadential 6/4 chord comes at the cadence — i.e., before the V chord. So while a V6/4 chord could certainly come after a V chord, it would be a cadential 6/4 chord only if the following chord(s) comprise a cadence.
This issue is also addressed from a slightly different perspective in Can an expanded dominant precede a cadential 6/4 chord?.