While R’eading a book when wielded, prompt menu opens as normal, but no time passes and the reading immediately stops, regardless of option chosen.
The same book transferred to inventory proceeded to read normally.
Confirmed, that is odd. Probably an oversight somewhere, added the issue:
New feature?
As far as know, you don’t have to wield a book in order to read it.
Makes sense though if this is a new feature =)