Yes, the spacers are supposed to act as a buffer for the glue joint. I've heard some knifemakers say it doesn't work that well, but I've never had a problem. Using stabilized handle material will eliminate most shrinkage problems.
My name is John and this is my first post. I live in northern Wisconsin and started out making knives. Gradually I have moved into art smithing and tool making. Hope to build a power hammer soon to continue my informal education.