Well, it seems that my proposed logic is invalid.
Also, looks like the only way of preventing a post being saved is if you validate the form using JavaScript.
The closer answer I could find is this one. And yet it doesn't cover validation if the user is quick editing the post.
So, again, using JavaScript for validation seems to be the best option - at least in this case, which does not contain a more complicated field like a file upload.
Thanks for helping!
EDIT: The Duplicate Title Checker plugin gives an idea on how to do it with JS.