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This is such a pivotal effect for graveyard decks precisely because most reanimation spells require a graveyard to work something which can be interrupted by vigilant opponents who are tired off your shenanigans

It has use mostly for being a Scale 8 searchable from the Supreme King side of the engine, but with a large majority of the Magician side being high scales, this will not come up unless you were unable to access that side of the deck (which is very rare due to the existence of Loading

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Often yes, especially for sets with strong chase cards

You still can of course, but planeswalkers, Stax, and decks with win conditions that thrive simply by biding their time (Darksteel Reactor and Azors Elocutors anyone?) are also very viable options here