In case of the SPSC queue the requirement is that the writer must be able to enqueue new items no matter what the reader does and the reader must be able to dequeue all items for which the enqueue operation succeeded no matter what the writer does afterwards. The presented queue implementation meets this requirements. If the writer fails between steps 4 and 5 the write did not succeed and it does not matter that the reader can not see the item.
What you say about keeping the data structure usable for other threads seems correct to me.
You must not confuse lock-free and not using a lock, these are two different things. An algorithm using locks is a blocking algorithm but using locks is only sufficient, not mandatory. If no process can block other processes unconditionally the algorithm is non-blocking and obstruction-free, lock-free and wait-free are different progress guarantees for non-blocking algorithms in ascending order of strength.
One last point, if you try to obtain a lock and fail to do so you are considered blocked, no matter if you spin, suspend the thread or do unrelated things to waste some time until retrying later.