See #27294
As the most used block ;) let's make sure that we can insert this and it's serialized appropriately in post content
Status
Awaiting fix in core
Awaiting fix in D19247-code
Tested in current wpcalypso environment and it seemed to work as expected. I addd, resized, deleted, and reloaded a page with the spacers.

After reloading the page I discovered the problem - it appears as though Gutenberg is pruning attributes from the block on save.
Invalid reloaded block
Note the missing aria attribute
<!-- wp:spacer {"height":242} -->
<div style="height:242px;" class="wp-block-spacer"></div>
<!-- /wp:spacer -->
Valid new block
<!-- wp:spacer {"height":63} -->
<div style="height:63px" aria-hidden="true" class="wp-block-spacer"></div>
<!-- /wp:spacer -->
Tested in a separate Gutenberg/WordPress environment and the save/load loop was fine without breaking. I tested with Gutenberg from master@{two weeks ago} as well and it was still fine so this appears to be happening on the dotcom side.
Confirmed that the database has the malformed content. Looking for some filter on save.
This is likely very similar to core's issue of filtering a saving post's HTML when a user isn't admin (unfiltered_html capability). See:
The main reasons for some input to be filtered:
aria-* attributes.data-* attributes.url(), based on this mask.The proper fix is to be done in core WP (kses). A core ticket for CSS's url() has been opened, but further work in kses is needed in order to whitelist aria- and data- wildcards.
@dmsnell just a note that I'm seeing a similar issue with Audio block after uploading and saving (tested with business plan because audio uploads aren't included in free).
after the merge of D19247-code the spacer block is working