If your plant is in a lot of stress and is close to dying I would recommend cutting the spike. Blooming takes a lot of energy and you want the plant to put that energy into new root growth and new leaves. Phals can spike due to stress or even when they think they are dying so just because it spiked doesn't mean everything is healthy now. I don't know what condition your plant is in but if it isn't doing good you should consider cutting the spike.
Post some pics if you want so we can see the condition of the plant. If it has good roots and the leaves are fine now then it probably is ok to let it spike.
Good luck!
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