clip is that the second wing drop was an attempt by the flight crew to get the nose to drop (see below) and restore controlled flight ... we do see the wings returning to level before impact .. but they ran out of altitude for recovery.
LW50
TOC... the second wing drop is exceeding the normal aileron only roll max rate, for high aoa on the B744. If the roll off to starboard was from pilot input, it would be using rudder to give the roll, which would give the rate easily. The image doesn't give much help without pixel level evaluation to indicate the aileron position or the rudder position at the start of the roll off.
As for incipient spin, the aircraft has a roll rate initially to starboard, (at TOC) and then a yaw to starboard, but it has a roll then to port, with yaw reducing. The pitch rate is not a sustained pitch up, so I doubt that there is any inertial coupling going on, just some roll and yaw without extended coupling. The B74 has very benign handling normally, just needs half a chance and some altitude. (Last B744 type stall event at low level I am aware of was about a month before... not stability related, just environmental and crews with a SA/1 disconnect; lucky boys). These guys were faced with a catastrophic stability issue and in a time critical situation. We don't train this one, but it is a painfully possible event due to the functional resonance of socio-technological systems.