It counters un-counterable spells, stops triggers as small as Mulldrifter and as big as Emrakul, the Promised End, and can prevent the cascade of value that a player might still reap even if their spell is countered
Moreover if you do the math, drawing many cards gives you card advantage and access to all other aspects of your deck more quickly, so you have greater chance to have access to more lands, ramp, removal, utility, creatures, combo pieces, even more card draw and any other strategy you may run in your deck
Furthermore, each deck contains two foil commanders
Among the early spoilers, Yshtola, Nights Blessed is a slam-dunk for the premiere MTG multiplayer format
Joshua, Phoenixs Dominant kinda powercreeps Tersa Lightshatter in RW decks already, and Ive played her a grand total of once in my Hofri deck
This card can prove useful if you have plenty of knights with lifelink or decent ways to grant your knights lifelink