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Yes, but so is E.inlinedC. In the same way that inlinedC is replaced, so can an atob call.
It is not tokenized but with direct string constants it could be, good idea.
It's bit bangging SPI? o_O
https://github.com/espruino/Espruino/blob/master/targets/nrf5x/jshardware.c#L2496
Espruino is single threaded so using hardware SPI may not help much and may actually draw more power. We don't know for sure until it gets implemented :-)
atob() is function call, makes new buffer in RAM when called, yes external flash is slower, every byte from SPI flash is read by toggling GPIOs in software, it is fast but much slower than internal RAM/Flash