When I was in correspondence with Paul about it before, he mentioned to me that during the photoreading step, there is a very low amount of Alpha waves, but high theta and beta.
In the book "The High-Performance Mind" by Anna Wise, it mentions how Alpha is the "bridge" between subconscious and conscious awarenesses and processes.
Basically, I take it to mean that the beta is high because your external awareness is focused on the book, and the theta is high because your internal awareness is focused on what you're seeing. I assume that since Alpha serves as the "Bridge" between the two, that's why there must be a certain amount of Alpha, to provide enough of a path for the information to get from conscious awareness into subconscious awareness.
During Activation, if my understanding is correct, alpha is much higher, to match the theta and beta, since we're trying to focus on any information that comes back up into conscious awareness, while also pushing ideas/concepts/questions down into subconscious awareness to make the initial informatin requests. I assume this to be the stimulating of the neural networks that represent the information in the material being activated.
Just my take. I'm sure there are others on here that might be able to contribute a better POV than mine.