The issue is that if enemies are far away, you don't need to use the Spin Wand to flip over, and if the enemies are right on top of you, using the Spin Wand will get you hit. I can imagine pretty specific scenarios where you'd want the Spin Wand, but I never encountered any.
In my first or one of my first attempts, I quickly experienced the need for waiting a turn, so this is definitely useful! This was against the knight, as kindanice says, because he cannot move diagonally nor several tiles at a time, and I was cornered in a 1-height area. When I got the object, I did use it to great effect.