Read code from ESP12F / ESP8266
ESP8266 MCU doesn't has it's own flash memory for firmware/code/program/etc. Instead those modules, like ESP12F has an SPI flash chip on board, usually of 4Mb (32Mbit) size where it boots from and where all the program code &amp; user data are stored.

So basically the answer for your question is - yes. You can always de-solder that SPI flash chip and read it without any issues as it can't be protected in any ways. So does there is no code readout protection for ESP8266 boards at all.

If you need a protection against code readout (device cloning) you have to pick other MCU or implement some sort of online crypto authorization (yes, that would require an Internet connection for that device).

ESP32 is another MCU from same company which offers code readout protection. But it was recently hacked and PoC exists on the Internet. It was fixed in most recent hardware revision so checkout for this: https://limitedresults.com/2019/11/pwn-the-esp32-forever-flash-encryption-and-sec-boot-keys-extraction/