Well I don't think it's totally useless, its just unfortunate that it costs two bars.
Correct me if I'm wrong but it looks like you have to whiff the F2 for the timing of the B3 to absorb the wake-up. If that's the case then you're only countering your opponent hitting buttons since they can block the second gunshot crouching. Also if that's the case you can't really hit confirm into either B3 or SS. Still, if they see the F2 coming they're more likely to do a wake-up attack for you to stuff so I think this could have it's uses as a bait and punish tactic.
Good things about this is that the bounce cancel is the only way to get optimal damage off the F23 outside of the corner, and on block you're completely safe. Since Harley usually has an abundance of meter its something you could do on the first life bar to make the opponent more scared of the F2. If you suspect a single-hit wake-up is coming though I think the better option is to just raw B3 MB. only costs one bar and you're still safe on block.