No, it doesn't.

The Left needed a boogie man, and that negative attention gives Spencer exactly what he wants: the ability to claim that he is the intellectual core of White Racialism. It's a mutually beneficial relationship.

You can call him controlled opposition if you recognize that his purpose is to act as controlled opposition to the Left generally by being placed in a position of power that the establishment can monitor. But he, himself, is not a secret federal agent. He is a genuine white identitarian espousing genuinely white identitarian views from a rather old progressive standpoint. He's a racialist recognizing that the Left's racialism has a place of power for him that he will occupy.

That makes him either smart, or gullible. But frankly, I think it's the former. There is no place for white nationalism on the right because racialism is a fundamentally Leftist and Progressive invention. He knows that he's going to be used as target practice, but he's currently one the only white identitarians that a normie could even recognize. That influence is what he seeks to use for his own purposes, and he's getting what he wants.