Yes, it does state that it's wings were spread from wall to wall. The next line also states that Gandalf could still be seen through the glimmering in the gloom.
He is still using "wings" to describe the reaching out of the shadow.
Like so, "reached out like two vast wings which spread from wall to wall, but Gandalf could still be seen glimmering through the gloom."
I find the seeking shadow like power of the balrog to be a rather effective way of describing how menacing and powerful they were.
"If the enemy opens the door, you must rush in."
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