Exercising Spreads

There seems to obvious so I feel I’m missing something, but what’s stopping me from buying an ITM option via a spread and immediately exercising to take the difference between the spread and the purchase price. (and I do understand that you’re not delivered the shares immediately after exercising)

For example, I’m looking at Reddit calls that expire 5/17, you can buy a 51/56 bull call spread for $3.63 (bid:3.10, ask:4.20, stock price:58.09)

What I’m wondering:

1. This option is $7.09 ITM so there’s wiggle room while waiting for the shares to be delivered as the max I can make from the spread is $5 a share, but couldn’t I just open a short position immediately after buying the options and technically I’d still be good as I’d be short against the box.

2. How long does it take your broker to deliver the shares?

3. Is there anything else I’m missing?

4. If I find a volatile company, since spreads tend to eliminate most of the effects of theta, could I open long dated spreads and be able to exercise them whenever I want.
   Example: (I’m long term bearish on $RDDT), could I open a 01/17/2025, $45/50 put spread for $2.48 (max gain $2.52, max loss $2.48) and at any point in the next 249 days if it drops down to $45 or below I could exercise and not have to hold until expiration like a European contract