What is essential to his philosophy is that the only justification for the axioms can come from nature by way of empiricism, and is therefore finite. If you accept Russel's, Brouwer's and Hilbert's belief that mathematics contains Truth, and if you then accept Brouwer's belief that the only source of truth is nature by way of empiricism, you have no choice today but to reject both LEM and induction. It is perfectly fine to work in constructive mathematics, and, in the Turingian sense it is of value, but it is no longer justified by Brouwer's philosophy of mathematical truth. Brouwer would have had to reject today's constructive mathematics on the same grounds he rejected classical mathematics: its axioms are unjustified by nature and empirical observation, even in principle. In fact, I don't think there is any philosophy of mathematics that could distinguish between constructivism and classical mathematics on any reasonable philosophical grounds today.
I would say that Brouwer's philosophy is (with today's knowledge) constructivist and ultra-finitist. BTW, Brouwer was not opposed to formalism as much as he was to logicism, and he even tried to propose a way to reconcile the two ("Intuitionistic reflections on formalism", 1927).