The flashing process (tunneling charges onto the isolated gate, or removing them) requires a voltage of >9V, which is usually generated on-chip (via charge pumps). Which is the reason why a read/fetch is not possible in this state.
Each "bank" usually has it's own charge pump, i.e. can be set to programming mode / voltage individually. All sectors in one bank can only be set to programming mode at once, obviously. This problem remains the same for external flash with parallel or serial interfaces, and for internal Flash on MCUs. Multiple banks are thus increased expense, and make the chip more expensive.
Problem is, this terminology is (was ?) not always consistent amongst different vendors.
The datasheet of your flash device should state if and how read access during programming is possible, even if not going into details about the internal configuration.