I wouldn't cut off an entire cane unless the cane itself is rotting.
Just watch the plant for any more spots to appear and remove them.
If it keeps on going on, I would toss the plant.
Worry of anything spreading onto other plants is one thing, but let's say after losing all the leaves, the plant is basically done.
If you have a seperate room where you don't have orchids, then you can keep it there and see what happens.
I just don't have enough patience to deal with something like that. I keep what grows and flowers well. Nothing else stays.
There are so many orchids and plants to choose from out there anyway!