Seeking advice: Failed PhD due to academic + psychological reasons. Should I apply two years later?
Does this sound doable in general?

This sounds doable to me in general (which is rare, because most of the time when failed students ask questions like this I am pretty skeptical of their plans), but probably not at the same institution.  The main thing I note from your post is that your previous candidature gave you a full suite of foundation courses in the field and over a year of practice in research.  Yes, you failed, but you were coming in with a low base of existing knowledge/skills, whereas now have an additional three years of work under your belt before entry.
Now, if you were to apply immediately to the same institution then it will almost certainly be a no --- they have terminated your candidature so they are saying you are not good enough for the program for now.  In any case, I note from your question that you feel you are not a good fit in that research group anyway.  Consequently, you are probably best off applying at another institution.  Your plan to work in industry for a few years while looking out for program opportunities sounds like a good idea.  It will put some temporal distance to your previous program removal and also give you some new professional skills in the field, which is more likely to make you an attractive candidate.  You should also note that time in industry may allow you to develop research ideas that are useful in the field, which might open up opportunities for a good PhD candidature working on a problem that comes from industry.

What kind of job you would recommend if I want to go back to graduate school in near future?  Or, what would be my best strategy?

Obviously, a job in physics.  If you can work an industry job as a physicist, or at least working on physics problems or related problems, this will give you additional experience and skills that will assist you with entry to a PhD program in physics.
As a secondary matter, you want a job that pays you a lot of money, to allow you to save up for your later time as a student.  If you have any serious desire to go back to being a PhD student later then you will need to make sure you do not get used to having a high disposable income.  Be frugal and save a portion of your money, so that when you go back to being a PhD student it is not too big a drop in lifestyle.

How should I explain this part of my life to [the admissions committee] when applying?

Pretty much the same way you just explained it to us ---i.e., you previously tried a PhD program, but you went in with a low skill base and it was too much for you.  You now have three additional years of work, including covering all the foundational courses in the field and getting some exposure to research work.  None of that sounds too bad to me, so I can't see an admissions committee having a major problem with it.
What the admissions committee is going to want to see is that you are mature and capable, and you are able to self-reflect on past failures and diagnose the problem sensibly.  They will also be impressed that you take responsibility for that failure and do not attempt to pass if off onto someone else.  Your story sounds like one where a student tries a PhD program before they have the skills to be ready, and it is too much for them.  The gain of this experience, plus a couple of years in industry, is likely to put you in a much stronger position.