Imo, yes. If the spine is shot, the razor is gone as far as I am concerned.
You can't tack steel back on, so any restoration attempt will still end with a worn razor.
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That's correct. Generally speaking, the spine doesn't wear as fast as the edge because the hone wear on the spine would be a bit wider than the bevel on the edge. With wedges, you sometimes see them being the same, which is also why wedges tend to develop wide bevels along with wide spine wear.