IIRC deceptive ex invis cancels were not that plus, so basically on each blockstring cancelled into ex invis, with the universal d1/d3 buffs cross the board that made them all 6~7 frames, it's a 50-50 mindgame whether you get d1ed if you don't f4 after invis cancel, or armored out if you do.
The armor does not last long enough so you can absorb a d1 through it and punish with f4.
The ideea of being invisible while applying 50-50 to the opponent is appealing at first, yes, but in this game nobody stands still to wait for that, so basically you spend a bar for a 50-50 that most of the other chars get for free.
You would also say that it can be used as a parry, but so can the universal db2 ex in all variations. The only difference is in string gaps, which is not reliable due to the variable block stun.
I still think Deceptive is upplayed and even if I saw videos in training mode of what you can actually do, I have yet to see a match where all that stuff is applied, not even to say a tournament one. Most of the matches used the Deceptive tools once or twice at the most, and even then they didn't succeed 100% of the time because they were armored out or poked out of invis.
It's not that deceptive is garbage tier, but it's just balanced out and nothing spectacular to worry about.