Oracle, like other DBMSs, allows concurrent access to the data, even in case of concurrent readings and writings.
So yes, the users will still be able to access the database during the update job. Depending on what the update job might do and its duration, there might be interferences, but I don't know the details.
Normally, you should try to define the update job in such a way to make sure that there are no interferences with user activities, if possible, instead of shutting down the site while updating.