Thats a nice place to wind up for a card this useful
It doesn't need to be the same player or planeswalker that Squee is attacking
If you copy a permanent spell, that copy becomes a token on the battlefield, but that's not the same as creating a token
Preventing your opponents from splitting their forces can be quite effective, especially since so many Commander players prefer to split the love across the table
The rest of the ratios look good, though I would prefer another board wipe or two: board wipes are good because your early turns are spent ramping, not developing a board presence, so a board wipe is a great catchup mechanic before you start dropping your haymakers
As if that wasn't enough, Haughty Djinn comes with flying as well along with a solid four toughness, making for a creature that's incredibly hard to deal with by battle