To answer your question in clear terms: No, you cannot move freely in the radial direction. Only towards the center, in the same way you cannot move freely forward or backwards in time.
> In what sense does [time] become spacelike? Can one move back and forth in time inside the event horizon?
This can be seen best in a conformal diagram or Penrose diagram (now that he has a Nobel prize might as well use the name of his creator).
Here is the Penrose diagram of a star collapsing gravitationally into a Black Hole and its evaporation via Hawking radiation: https://fias.uni-frankfurt.de/~hossi/Bilder/BR/bhevap_l.jpg
You should track the r=0 line, initially it points upwards (it's timelike) as it chugs along at the center of the star as it collapses gravitationally. When the BH forms, it becomes horizontal (spacelike) and lies at the future of every test particle that enters into the BH. The singularity is inevitable for anything that crosses the horizon.
The Black Hole will at some point have radiated all its energy in Hawking radiation at which point it disappears and r=0 becomes timelike again.
Unfortunately it's hard to make it easier to understand without indulging in some math.
Closed orbits are impossible though, all test particles finish at the singularity in a finite amount of proper time.
It is the point at which nothing, no matter how fast or massive, can possibly return from the gravitational pull. For instance: light, traveling at the speed of light in a vacuum, cannot escape once it has crossed the event horizon; it's pulled inevitably inward.
Not quite what you seem to be asking, but the event horizon is the point where[0] the escape velocity is equal to the speed of light; the orbital velocity at that distance is greater (by a factor of ln 2 IIRC, so v_orbital ≈ 1.44c). There's a more distant distance, called the innermost stable orbit or the photon sphere, where the orbital velocity is equal to c (so photons will orbit if you emit them tangentially at this height), but the escape velocity is only ~0.69c.
0: It's not quite right to say that that's because the escape velocity is equal to c, though.
How it happens? Normal spacial direction has positive sign. Time has negative. When crossing the horizon the equations become such that t gets a positive sign and the radial direction a negative one. After that they behave as expected.
Delaying your fall is precisely the same as trying to avoid tomorrow by moving around. Moving away from the center is like moving back in time. No matter how you move in the spatial dimensions you can’t do it.
With the exception of faster than light travel. That allows you to move away from the center, and it also allows you to avoid tomorrow. It’s pretty much the same as time traveling in general relativity.
And similar in case of a black hole, you are falling through the event horizon and nothing happens, it is just that calculating what you need to do to escape, you note that it is too late.
To expand a bit on the molecule situation, when one of the atoms is inside the black hole, then parts of its electric field are still outside and influence the other atom. To have the other atom escape to infinity, you would need to break the part of the bond "still outside" and the gravity of the black hole.
You know how the universe is expanding, such that the milky way is moving away from (sufficiently) distant galaxies faster than the speed of light? But chemistry still works fine here? When you fall into a black hole, you accelerate until you're moving away from the rest of the universe faster than light, but all your atoms are still (relatively, assuming the black hole is large enough to have negligible tidal forces) stationary relative to each other. The event horizon is just the point where your speed relative to the effectively-distant[0] outside universe exceeds the speed of light. Any signal you emit can't be moving facter than c relative to you, so it will always be moving away from the outside universe (v<-c implies v+v'<0).
0: "Nothing can move facter than c" refers to relative motion of objects near each other, which is why the Hubble expansion of the universe doesn't contradict that either.
There is a classic analogy of light traveling through space-time being like ants crawling on a balloon. A black hole is a spot where the balloon is being sucked in. Faster and faster as you get closer. The event horizon is where the speed at which the balloon moves matches the speed of the ant. There is nothing special from the ant's immediate perception about this line, but if the ant crosses, it is doomed.
I thought the size only affected the "acceleration" of the gravitational pull based on the distance from the singularity? A supermassive black hole means you will take longer to be spaghettified, but it will still happen and it will happen before you cross the horizon, won't it?
The reason light cannot escape from past the event horizon is that that is the point where space-time is so warped that what you consider a perfectly normal time axis is, from the perspective of an outside observer, now pointing in a spatial dimension directly towards the center of the black hole.
In contrast, regardless of how small you are, there is some point where you do experience tidal forces and feel yourself getting spaghetti. For a small black hole, this is before you pass the horizon, for a large black hole, it is after.
[0] The distinguishing feature between a real force like gravity, and a truly fictitious force like the centrifugal force, is that for the later, you can construct a coordinate system where the force disappears at all locations. For a real force, you can construct a coordinate system where the force goes away at any given point; but there will always be some point with an apparent force.
After crossing the event horizon the radial direction becomes like time. And what used to be time becomes like space.
What this means that you will inevitably travel to the center, just in the same way as you travel into the future in normal life. Inside the event horizon the center is not at any place that you can see, instead it is in your future.