Since there is only one Flash block on S12ZVM, the code must be executed from RAM.
It is not possible to access a Flash block while a code executes from the same. In case of two or more flash block, this would be possible - code executes on one and writes/read/erase the other block.
Also some commands can be executed from EEPROM (the flash block on S12ZVM consist of P-Flash and EEPROM):
It is possible to read from P-Flash memory while some commands are executing on EEPROM memory.
It is not possible to read from EEPROM memory while a command is executing on P-Flash memory from the same block.
Simultaneous P-Flash and EEPROM operations are discussed in Flash Module (S12ZFTMRZ) chapter.
Regards,
iggi