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Not necessarily. The most extreme example being the Central Park Tower penthouse which is 3 stories. But in terms of ones that don’t cost 250 million, even pretty small ones can have lofts, and there are multi-level ones that don’t actually span the entirety of any of the stories they’re on and end up being normal sized for a single family.
That is, unless the British “flat” has a different definition from the American “apartment” or, say, the Estonian “korter”, which is “one unit in a building containing multiple units of housing”
It’s kind of funny how multiple story apartments are either really big or really small. The waste of space for stairs doesn’t make much sense for anything in between.
I started browsing the Wikipedia for Apartment, and came across this
and
So it seems that flat implies one floor, and most exceptions have an alternative name like “penthouse”