Personally I would go ahead and repot. It is possible the spike will abort, but it's not yet a fully developed spike and those cope easier than when they are closer to opening.
The roots look pretty cramped and it looks like it will dry pretty quickly in there, so I would repot for the health of the plant.
use a one size bigger pot(I use a Chinese take out clear plastic soup container and bore holes in it)....the media mix is all gone since the roots have displaced it, you need fresh ones but soak it overnight first....search videos in YouTube on how to repot Phalaenopsis.
I am going to repot today...will update on how it does...
and Bud that is a perfect idea with the chinese food container cause it just happens that I have one still in the fridge lol I'll just make sure to really wash it good and use that...