Where is executed the code on RZ/A1H-Starter-Kit-Plus and GR-PEACH.

Hello,

I'm trying the code present in the examples r01an5093ej0110-rza1-swpkg for rsk demoboard and r01an5397ej0110-rza1-swpkg-grpeach for GR_PEACH. 
Loading the executable with J-Link Lite I see that all the addresses of the code refer to addresses of the subsequent to 0x18080000, 
which if I'm not mistaken are the addresses of the external serial Flash.
But does this mean that all code is executed in external serial memory?. In this case I'm afraid the performance will be very low.
Maybe the code is copied while reading and transferred to some other fast memory?.

Can you give me some explanation?, I would be very grateful.

Thank you

Best regards

Flavio Gobber