It doesn't travel far, but it could work as an anti air.
The Octo spin is a move that belongs to Octohead. This is a charge attack, meaning that you have to hold a directional button back, then press the opposite of that directional button and the button that requires the attack to work (along with the strength of the button). In this case, you have to hold back for at least two seconds, then press forward and punch (any strength will do) to use the attack.