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There are 4 collision modes while airborne, 1 for each cardinal direction. When he hits the rock, his Y speed is cancelled out while still moving right. Since he's technically colliding with the floor and the check isn't done, he clips on top of the surface, right into the rock.

If you mean like this, then, no. The clip is possible, because floor collision is ignored when he's moving upwards, and the wall sensor is too high up in this instance to trigger a wall collision. He also isn't deep enough into the platform for the depth check to cause floor collision to be ignored.

However, in Lava Reef Zone, there's a set of fully solid stairs that Sonic can clip into in the same fashion, but because he'll get stopped by the next step, he'll start moving down, causing the depth check to take effect, allowing him to fall right through. (GIF courtesy of Flamewing)

In this case, implementing the depth check for when Sonic is moving horizontally, while fixing the issue I highlighted, would make this clip even easier. The proper fix for this would be to also check if the surface Sonic is colliding with is merely top solid, and only perform the check if it is.