I read this to mean that on a checkout flight, as long as the instructor does not need to intervene for safety reasons and he countersigns the remarks column, you can log the time as PICUS (or P.1/S) and it counts towards your PIC time.
No!
Your quote appears to refer to "SPIC" which is only for IFR flight on Integrated Courses.
PICUS is not covered in EASA Regulation for SP aircraft however; CAP 804 Section 1 Part E Para 9 Item J makes a provision for UK licence holders:
Pilot undergoing any form of
flight test with a EASA or CAA
Authorised Examiner (other than
case K.
PICUS for
successful
Test P/UT for
unsuccessful
test (including
partial pass)
Enter time in ‘P1’ column
and have it certified by
aircraft commander.
Enter time in ‘Dual’
column
Flight Tests are only conducted by Examiners.