Does Level 1 Read Protection mean I cannot backup my program from flash or have an IAP application?

I'm using a Nucleo F429ZI and I'm using a dual bank configuration. I'm trying to make sure I understand the read protection levels. If I want a feature that allows me to save a program written into the other bank (e.g. save it to a usb as back up), is it correct to understand that Level 1 read protection would not allow me to do that?

I'm also unclear how the read protection affects write protection. My understanding is that if my read protection is Level 0, I can use the nWRPI bits to protect individual memory sectors from writes. But if my read protection is Level 1, all flash memory is write-protected? In other words, I cannot have an IAP application with Level 1 read protection?