I think with the reading fluency section they read statements and then answer "yes" or "no". And it's timed. Someone correct me if i'm wrong. If a kid has any sort of handwriting or processing speed issue, it would slow them down.
Yes, reading is involved, but it also involves handwriting and processing speed, kind of like filling out a worksheet. DD's oral reading fluency is over 200 wpm but she would probably do horrible on the WJ reading fluency because she's so slow with processing and writing.
CBM is curriculum based measurement--it's another assessment used to check reading fluency. I used it all the time when I tutored reading. You set a timer for 1 min, give the kid a numbered passage, and mark their errors. Then subtract the errors from the total words they read. So for DS, 130 is 130 correct words per minute.