It seems impossible to exit pip once activated.
And pip stays open and working even when TV app is closed.
Portal has to be restarted in order to work ok again.
Portal 1.10.7
Stalker 5.1.1
I have figured this one out.
There is a button on remote, that looks like two arrows in a loop (last button on new remote with DEL written over it).
If it is pressed above PiP preview buttons for options will appear.