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DMARC requires valid, aligned SPF / DKIM. The policy specifies what to do when it fails to pass. A p=reject policy will prevent spoofed emails from the domain to providers enforcing DMARC. SPF itself doesn't stop spoofing since it does not need to be aligned with the FROM header.
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Also, hardly anyone enforces SPF even with a hard fail policy, but it's not particularly relevant since it doesn't have to be aligned. SPF will pass with a spoofed FROM header as long as MAIL FROM (relay) passes. DMARC is what makes SPF and DKIM actually function properly.
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