This is the best explanation that I have come up with, if someone would be kind enough to help me verify or refute:
The first concept is the center of mass. The center of mass is the average location of mass of an object. The center of mass does not have to be within the bounds of the object, as in a donut or hollow-point bullet, where the center of mass may be in an interior area that is vacant.
The second concept is the aerodynamic force. For the purposes of this issue, this is the force that is generated on a solid object when it collides with gas. This is conceived of as the solid object traveling through the gas; however it is only the differential in velocity that matters. Whether from the perspective of the observer the solid object moves through a stationary gas or whether a moving gas goes around a stationary, solid object, the same force occurs.
Lift and drag are perpendicular components of the aerodynamic force, and not independent forces. The partial vertical component of the aerodynamic force is lift, which the horizontal component is drag. Specifically, lift is defined as being parallel to gravity while drag is perpendicular to gravity.
The third concept is the center of force. This is the average location of force acting on an object. Special cases of the center of force include the center of gravity (technically gravity is not a force, but here it is treated as one) and the center of pressure. The center of gravity is identical to the center of mass when gravity is the same along an entire object. The center of pressure is the average location of the aerodynamic force on an object. Bullets taper at the front where the air impacts them, therefore bullets have a center of pressure in front of the center of mass.
In the context of ballistics, lift is also called the overturning force. As a bullet travels, the bullet naturally does not point straight into the air; it is always slightly eschew. Therefore, one side of the bullet it hit harder by the air and receives more force. This force differential between the top and bottom, combined with the fact that the center of pressure is in front of the center of mass, leads to an overturning torque on the bullet would cause the bullet to overturn and tumble if not for spin stabilization.
The fourth concept is spin axis. When an object rotates, the axis about which it rotates is called the spin axis. An object wants to rotate around the center of mass; however, they actually rotate around the average center of mass. Rotating around a spin axis creates gyroscopic stability, which is the principle that a spinning object tends to maintain its rotational axis. This stability is a result of the conservation of angular momentum, a fundamental concept in physics. When an object spins, it resists changes to its orientation due to the angular momentum generated by its rotation.
Pulling the previous concepts together, when bullets spin, they rotate their average center of mass around the spin axis. This spinning maintains the center of pressure in front of the center of mass. In doing so, the tapered end of the bullet stays pointed forward, maintaining the bullet in an aerodynamic orientation.
The mechanism by which spinning maintains the center of pressure in front of the center of mass is called gyroscopic precession. Precession is a phenomenon that redirects force (y axis) that is perpendicular to the spin axis (x axis) to be perpendicular to both (z axis). For example, when an upright, clockwise-spinning wheel is suspended in the air by a string on one side and nothing on the other, the force of gravity pulls down, and the wheel rotates to the left.
Curiously, bullets at first would appear to rotate in the opposite direction of the aforementioned wheel. When bullets pitch down, they turn to the right. However, this is not actually a difference in how force is redirected in the horizontal direction, but the vertical direction. First, bullets turn right instead of left because the net overturning torque pushes the tip of the bullet upwards. This is in contrast to the wheel, where the net force of gravity attempts to pull the unsupported side of the wheel down. Upward pitching torque causes a right turn and a downwards pitching torque causes a left turn.
Notably in both cases, without friction and point connections and with infinite angular momentum, precession would be perfect and no vertical movement would occur at all. However in the real world, gyroscopically stabilized objects do still rotate parallel to an applied force. That means there is actually a second spin axis about which the first spin axis rotates. Referring back to the wheel example, although it does rotate left, gravity also still rotates the unsupported side of the wheel down. Curiously though, bullets also pitch down! For the wheel the explanation is simple: the force of gravity pulls the wheel down. But the way that a bullet defies the net overturning torque to actually turn into the torque is explained by a concept called dynamic stability.
Dynamic stability is the ability of a gyroscopically stabilized object to align the spin axis with the force vector. (In more technical, ballistic terms, dynamic stability is when yawing motions and radii of nutation and precession decrease over time.) A good demonstration of dynamic stabilization is a spinning top. Watch any video of a spinning top and no matter the initial orientation of the spin axis, they immediately orient themselves directly upwards and align with the gravitational force vector. Once angular velocity drops so too does dynamic stabilization and the spin axis slowly deviates from the force vector. Spinning wheel and gyroscope demonstrations usually do not demonstrate dynamic stability because they initialize the spin axis too far (often perpendicular) to the force vector for alignment to occur. That is, the direction about which the first spin axis rotate depends on whether precession can overcome the applied torque vector to rotate into the torque vector.