Yes, the working theory is that it grounds out investiture (in the electrical sense). Per WOB's about Cosmere continuity, no Investiture can stick to aluminum*. So in the physical world it blocks investiture effects like a Faraday Cage for Investiture. And if you actually realmically interface it with your spiritweb directly, as with Hemalurgy, it prevents you from ever channeling Investiture and/or creating Investiture-based effects while it's inserted in your spiritweb. So while you have a part-aluminum spiritweb, thanks to the spike plugged into it, you'd be unable to use allomancy, feruchemy, sandmaster (per WOB), and presumably Surges, honorblades, or anything else that requires a Bond or Investiture to pass into, out of, or through you.
*Which means that neither aluminum metalminds or aluminum Spikes ever actually gain an Investiture Charge, which is consistent with the evidence so far.
Under this explanation it's interference rather than destruction (consistent with the Aluminum vs Silver WOBs) so logically those powers would come back once the Spike was removed unless they are specifically fragile. For example, it might just Kill a Returned because of the Divine Breath aspect of their Spiritweb, but since WOB says normal breaths are in the body and not the spiritweb, they might be safe. Im guessing that a Radiant bond would be suppress but not destroyed (the way leeching does not permanently sever it), and ditto Aviar bonds. Im assuming that All Powers interference would extend to things that create weak/temporary bonds like Midnight Essence spores, honorblades, or medallions. But anything that can operate entirely without sapient intervention like ettmetal devices or most rosharan fabrials would be safe unless the aluminum was physically close/touching it (to interfere the normal aluminum way).