Active matter sustains emergent flows at the expense of preserving structural order. The feedback between structure and viscous flows typically disrupts crystalline and liquid-crystalline organization by amplifying the very deformations they generate. Yet this destabilizing paradigm has recently been challenged by experiments showing that inertial fluid flows can stabilize few-body bound states of active spinners. Whether inertial active matter can sustain genuine cohesion and order at the many-body level, however, remains elusive. Here we investigate two-dimensional assemblies of macroscopic spinners operating at high Reynolds number and uncover two phase transitions leading to the emergence of a dilute percolating fluid and a dense spin-textured crystal. At low density, inertial flows generate two competing interactions: anisotropic attractions and transverse Magnus forces that continuously break and reconfigure bonds. Together they drive a percolation transition toward a dynamically rearranging holey liquid reminiscent of the empty-liquid states observed in equilibrium patchy colloids. At high density, the feedback between spin alignment and particle positions suppresses transverse rearrangements and yields a first-order transition toward a spin-ordered crystal. Our results demonstrate that, beyond the overdamped limit, hydrodynamic feedback can promote rather than destroy collective order, revealing a distinct regime of many-body active matter governed by inertial flows.