The underlying principle of proportional navigation, which is what the first few generations of IR missiles use to navigate, is constant bearing decreasing range. If a missile maintains absolute bearing to a target, it will collide with that target. The first generation AIM-9, which was the first useful IR missile, didn't aim "slightly ahead" of its target, it pointed itself at the exact point where it would collide with its target, assuming the target was moving at constant speed in a straight line.
The spinning sensor that you mention was on a gimbal, it wasn't pointing along the boresight. The spinning caused it to act as a gyroscope, so it would maintain its orientation in absolute space. The gimbal would track the sensor so that it was pointing at the target, and the same inputs were fed into both the gimbal and the missile's control surfaces. Therefore, if the bearing was changing, that would cause the missile to maneuver in such a way that the bearing would stop changing. If the bearing wasn't changing, the missile would not maneuver. This is all you need to do to point the missile at the exact point where it will intercept a non-maneuvering target.
As a first order approximation, the assumption of a constant speed straight line target is a useful one, given the technological limitations of the time.
https://en.wikipedia.org/wiki/Proportional_navigation
https://en.wikipedia.org/wiki/Constant_bearing,_decreasing_r...
https://qph.fs.quoracdn.net/main-qimg-a0e376f321a658b5d99e25...
Surely they can't use this poor of an optimization strategy? If the target is moving perpendicular to you, you want to point slightly ahead of the target so you intercept them as quickly as possible.
https://en.wikipedia.org/wiki/Constant_bearing%2C_decreasing...
So as you track, you can measure where it is, and how fast it's apparently moving in those two degrees of freedom - so you know x, y, dx and dy (and I guess you know higher degree deltas too).
To hit it (assuming it's in front of you) all you need to do is make control inputs to bring dx and dy to zero - you don't care what x and y are. If dx and dy are zero, if you're faster than the thing you're tracking, you're going to hit it - that's constant bearing, decreasing range.
Making control inputs to bring x and y to zero as well as dx and dy is a harder problem! You need to control four degrees of freedom to do that.
And making control inputs just to try to bring x and y to zero without controlling dx and dy is a good way to miss the target completely - obviously if you get x and y to 0 but dx and dy are nonzero, the target is going to move away from zero, requiring more control input, which might increase dx or dy, causing you to need even stronger control input...
So the upshot is: you don't have to back out the target's absolute trajectory, figure out its true velocity and your own relative velocity, determine range to target and offset where you're pointing to compensate for time of flight - just get it to stay on the same bearing from your perspective, and you're done.
Constant bearing is possible, but if you are tracking behind, above, or below the target then you don't get any advantage, taking a longer route than direct/pure chase. The missile needs a mechanism to estimate the target motion rather than only it's relative bearing. That isn't simple. Many manpads instruct the user to aim ahead so that the missile locks into a lead path, but accidentally aim up/down/behind and they will lock into a lagging approach.
Historically, I don't think any missile designed to target aircraft has ever been fielded which use the strategy you suggest. (lots of air to ground missiles do) It works fine if the target is flying straight and level, and you fire from directly behind them. But if the target has even a shallow turn towards you, the rate at which the missile will need to increase its rate of turn will increase exponentially as it closes with the target. If the target is aware it's being shot at and from what angle, all it takes to avoid the missile is to keep it at your 3/9 o'clock positions (steadily turning towards it) and it will miss every time.
The first generation of radar guided air to air missiles in the 1940s use beam riding. The missile would attempt to keep itself between the target and the shooter.
The first generation of (infrared) AIM-9 Sidewinder missiles in the 1950s used a mechanical system to perform proportional navigation; it spun the sensor at a fairly high rate of speed, causing it to act as a gyroscope. The sensor was pointed towards the target on an internal gimbal. But since the sensor was a gyroscope, if corrections had to be made, this meant the target was not at a continuous bearing. So the same corrections were sent to both the gimbal and the missile's control surfaces.
These days, everything just has a microcontroller in it, so there's no need to design such electro-mechanical Rube Goldberg contraptions to get proportional navigation to work.