That statement is incorrect. ColdFire behaves the same way that the 68K did in this regard.
Before executing an exception/interrupt handler, the ColdFire core will store the exception stack frame (including the SR) and set the SR[I] mask field to the level of the interrupt being acknowledged. This masks interrupts at the current level or below (except for the non-maskable level 7).
Unlike the 68K however, the ColdFire core will not sample for interrupts again until after the first instruction of the interrupt/exception routine has been executed. This allows the software to raise the interrupt level even further if needed.