No you have not. It's obvious you haven't read the story. He laughed off Spiderman punches. Hell, he stood there and let Spiderman wail on him to no avail.
Colossus is good, he's just over shadowed by characters with 500 abilities to his few. If I were to change things for him to shine, I'd have him displaced with a few other X-Men to some world like Sakaar, where they could shine.
I'd also make sure that they never returned to Earth.
They don't call them "magical" you have to read more than that particular story to know it. When Marvel introduces Ezekiel (an old guy with exact same spider powers) we learn that Peter's powers were no lab accident but magical in nature which explains his spider sense - a power to predict future that doesn't make sense from scientific point of view (as confirmed by both Ezekiel and Tony Stark). We find out that Peter was chosen to be the next in line of spider totems, there were thousands before him with Ezekiel being the previous one. And Morlun is a devoured of totems, that's his thing and he's already murdered all the previous "spider-men", Ezekiel tried sacrifice Peter to save his own life but ended up saving him. Peter evolves those stingers when he temporarily mutates into a spider-like creature. At first those two events weren't connected as far as readers knew. We don't see those stingers for awhile. Next time they appear when Peter battles El Muerto, another totemic character. Pete didn't want to use them, in fact he can't use them consciously, they poped out automatically when another totem threatened his life and one shotted the guy. Because of that Peter once again starts questioning his scientific origin and goes to talk to Tony, who refuses to even discuss Pete's powers because they do not make sense to him as well. Those stingers vanish again for a long time and only appear once Morlun the devoured of totems comes to kill Parker, and Peter only uses them in a feral spider state, again not consciously. Morlun is immediately beaten after showing complete invulnerability to all other attacks. Those stingers show up when The spider totem is threatened by another magical totemistic beings. When Spider-man embraces the spider part of himself which was one of the things that cause those transformations in the first place. Then we've got Kaine who unlike Peter accepts his "hunter nature" and can access those stingers whenever he feels like it, that last part is a speculation on my part though. The rest is not, but you have to read several particular stories to find that out.
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Azula: My mommy didn't love me so I'm going to burn down your village.
That was the most powerful version of Man-Spider, somewhat mystical in nature like the whole The Other thing, but even if we don't accept that, it was stated directly on the recap page (next issue) that Pete absorbed Morlun's life force.