Yes. How many hands it takes to deflect a shot with a sword is never defined, so the ability to wield a shield and a sword during the shooting phase is not excluded under the rules. The intent is to give Swordmasters both options.
Source: Warhammer Fantasy: 5th Edition
High Elves - Frequently Asked QuestionsURL Copied!
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Can Swordmasters of Hoeth get both the -1 to-hit bonus from their doublehanded swords versus shooting, and a +1 armor save versus shooting for carrying shields?URL Copied!
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Source: Direwolf FAQ Council Interpretation
Are White Lions who are protecting their general immune to psychology and break tests, or do they merely have an auto-pass to Ld rolls they are required to make? Will they auto-break if they lose combat to fear causing units that outnumber them?URL Copied!
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A unit of White Lions which contains the High Elf General is immune to both psychology and break tests. They will not auto-break if they lose combat to a fear-causing unit that outnumbers them.
Source: Warhammer Design Team / Warhammer: High Elves, Spanish edition