This card has to be one of the most fascinating cards Konami has released in recent years. It harkens to Flicker strategies from MTG, where you quickly remove and play a card to shed effects and reset usage restrictions on cards and trigger play synergies
By all means this card conceptually is a slam dunk, aside from it just simply returning instead of Summoning it again.
But modern Yugioh is so HOPT-pilled that the card just simply doesn't do anything to most cards in the game.
There's just no format where this specific card shines. It's too new to be in Time Wizard where soft OPTs actually show up and every other format is just Advanced so its still filled with HOPTs