Yes.
If the sensor gets saturated you shine it from farther, with throwers at max output that can be impractical though.
(The sensor used is the ambiant one, not the one for measuring screens).
The x-rite software can’t as far as I know (never installed it).
So yes you need Argyll CMS (or the pro app which is plug and play), I run the spotread command and it gives me the result like in this comment , it can display the spectra too and some other stuff , I can choose to save the SPD data and then open it in color calculator.
You can install it and play with it beforehand if you want, here is an Argyll SPD text file , copy that in a text file and rename it with a .sp extention, then in color calculator go to user spectra, import Argyll format.
Color Calculator, or for Maukka’s reports babelcolor ct&a, but it’s not compatible with the i1 studio.