Its niche but there's some really strong projectiles that it avoids or at least adds some options against. Some that it outright ignores. Just that you can float there and not have to eat low or even mid projectiles with a cancel is strong, but it comes with almost half-screen evasive overhead(reminds me of Tamaranean Charge) and the lightning strike which doesn't always trade well with 50 damage but it lets you throw something out, possibly trade or avoid like you said. -4 is ugly but it's whatever
Obviously it avoids low projectiles but some of the notable moves it easily avoids include Baraka's Sparks, Joker's Low Gun, Robo's Low Gun, Cassie Low Gun, regular Ice Ball, Kano's laser, Scud Shot, Rambo traps and Sand Trap. I think we can all say we've lost matches because we couldn't deal with some of these moves, and options always help. There's more that it can avoid or help you counter if you are willing to make reads, but I think it makes a really big difference in some matchups. Plus it's just a really versatile move so it can earn its place even if that aspect isn't working for it.