Here's an example to play around with, with $\kappa = \omega$ and $\tau = \omega_1$ and $Vect = Vect_k$ for $k$ a finite field, look at the pushout of $Vect \leftarrow Set \to Vect$, where both functors are the free functor. The question becomes whether $$Ind(Vect_{\omega_1} \times_{Set_{\omega_1}} Vect_{\omega_1}) \to Ind(Vect_{\omega_1}) \times_{Ind(Vect_{\omega_1})} Ind(Vect_{\omega_1})$$
is an equivalence. I think maybe it's not essentially surjective: the domain consists of Ind-systems of countable-sets-equipped-with-two-vector-space-structures, whereas the codomain consists of ind-countable-sets-equipped-with-two-ind-countable-vector-space-structures. If we restrict to $\omega$-indexed ind-systems, it already looks problematic to try to rectify the latter to the former.
(EDIT: The following argument is problematic --see the comments below.) Maybe the answer is actually yes?
Translating across the equivalence $Ind_\kappa : Cat_\kappa {}^\to_\leftarrow Pr^L_\kappa : (-)_\kappa$ (and similarly for $\tau$), we are asking whether the functor $\Phi: \mathcal K \mapsto Ind_\kappa(U^\tau_\kappa(\mathcal K_\tau)) : Pr^L_\tau \to Pr^L_\kappa$ preserves pushouts. Since $\Pr^L_\kappa$ and $Pr^L_\tau$ are closed under colimits in $Pr^L$, we may compute our pushouts there.
So consider a span $B \xleftarrow F A \xrightarrow G C$ in $Pr^L_\tau$, and let $F^\ast, G^\ast$ be the right adjoints of $F, G$ respectively. The pushout of this span in $Pr^L$ is the pullback $B \times_A C$ computed in $Cat$ using $F^\ast, G^\ast$. For some regular cardinal $\rho \geq \tau$ which is large enough that $F^\ast, G^\ast$ preserve $\rho$-compact objects, consider the fully faithful inclusion $Y^\ast : A \to A' = Ind_\tau(A_\rho)$, with left adjoint $Y$. Then the pullback is equally $B \times_{A'} C$, since $Y^\ast : A \to A'$ is fully faithful. Moreover, $(FY)^\ast$ and $(GY)^\ast$ preserve $\tau$-compact objects.
Now, the pushout of $\Phi B \xleftarrow{\Phi F} \Phi A \xrightarrow{\Phi G} \Phi C$ in $Pr^L$ is the pullback in $Cat$ $\Phi B \times_{\Phi A} \Phi C$, computed using the right adjoints $(\Phi F)^\ast, (\Phi G)^\ast$. Since $\Phi$ is a left 2-adjoint, it preserves localizations. Since $Y$ is a localization, so is $\Phi Y$, and thus $(\Phi Y)^\ast$ is fully faithful. So this pullback is equally $\Phi B \times_{\Phi A'} \Phi C$.
In other words, we have reduced to the case where $F^\ast$ and $G^\ast$ preserve $\tau$-compact objects. Note that $(-)_\tau$ is in fact 2-functorial in all functors preserving $\tau$-compact objects, and $U^\tau_\kappa$ and $Ind_\kappa$ are 2-functorial in all functors (in the sense that they carry functors to functors and natural transformations to natural transformations coherently). Moreover, these functors commute with pullbacks as computed in $Cat$ -- $(-)_\tau$ and $U^\tau_\kappa$ preserve all limits in this sense while $Ind_\kappa$ preserves $\kappa$-small limits as a functor $Cat \to Cat$. So $\Phi$, as the composite of these functors, likewise preserves the relevant $Cat$-pullback as desired.