While being more expensive than I prefer for a board wipe at 5 mana
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1-mana removal, even with a downside, can be a powerful tempo play, and you can target your own creatures, in particular your indestructible creatures, to get some upside
This is already a nice effect, though it may be a bit steep at three mana
If you do not control another creature at that exact moment, the ability never triggers at all
Although it is a risky play, as phasing your creatures out leaves you totally open to attack, in many situations, its part of the reason why cards like Teferis Protection and Guardian of Faith see so much play