No, it won´t. It´s still one of the highest impact snipers that lets you deal huge amounts of damage without the needing to reload to stunlock a boss. Can you stunlock a boss with reloading ? The black hammer has the same impact as spear, better stability and worse reload (cancelled out with white nail) and the ability to deal loads of damage more quickly as the spear. So no, spear is absolutely not better in every way. And black hammer will not be a worthless gun.

My spear reloads fast enough to stunlock a boss actually due to my scope. 6 rounds and solar. I have more range on my spear. Unfliching and final round. Yes my spear will be better in every way except stability.

Range doesn't matter on snipers. And as you said it still needs to reload and has worse stability so it sure as hell won't be better in every way. And Black hammer won't be worthless as well. It will still be a better pve sniper than a lot of other legendaries. Sure BH won't be the best chpice all the time. And why is it bad that BH isn't the best? I already said that it's a good thing. PvE loadouts won't be limited to one weapon combo and we will have more variety. There shouldn't be a legendary that outclasses every other legendaries in its class. Raid weapon or not.