SPF is evaluated against the envelope sender domain (Return-Path / smtp.mailfrom). A visible From domain doesn’t guarantee SPF is configured correctly.
Many DNS providers allow multiple TXT records. But SPF must be exactly one record starting with v=spf1. Multiple SPF records often cause SPF=permerror or fail.
Without an explicit all mechanism, SPF intent is unclear and some tooling will warn. Most setups should end with ~all (softfail) or -all (fail).