It is destroyed. The second to last sequence took me around 10,000 tries, the stalagmites are devilish, I love to hate them.
I had ton of fun playing the game. The music is super nice and immersive (I somewhat didn't miss sound effects here), the game controls great and the diverse sequences proposed the right difficulty for me, it was specially satisfying for me to beat this one.
I agree with the comment below about the hitbox, I think it's pretty much the ship, just a bit smaller, and I think I would have preferred if the wings behind the ship didn't count.
Great one!