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miloas-
The float happens at the buttons - the round pieces joining the spider to the rotor. A floating rotor normally gives the most stopping power. When you grab the brake lever it squeezes the brake pads onto the rotor which has the ability to move and conform to the brake pads giving maximum rotor to pad contact.
user87951
This kind of play is normal with semi-floating rotors. From Campagnolo manual - section 2.2 - pg 8
https://www.campagnolo.com/media/files/035_2362_Technical%20Manual%20-%20Disc_Brake%20-%20Campagnolo_Rev04_05_2022_ENG.pdf