If I understood your question correctly, you're wondering if session 1 can read the data that session 2 is locking. If this is the concern then the answer in many cases is no. Consider the following scenario:
Session 1 Session 2
Select record A, field named SomeValue is 1
Select record A, field named SomeValue is 1
Begin transaction
Update record A,
field named SomeValue is set to 2,
an eXclusive lock is taken
Select record A, record is locked, session 2 waits
Some other modifications
Session 2 still waits
Commit the transaction, lock is freed
Session 2 now gets the answer,
field named SomeValue is 2
(the value session 1 updated)
Now the actual sequence varies depending if auto-commit is on and so on. Also you should know that if row versioning is in effect, then the behaviour is far different. For more information, read Data versioning in SQL Server using row versions[^]