The intended use of the card is to wait until the Vanishing counters have been removed, then the Enchanted permanent is sacrificed
As a digital-only format, Alchemy uses rebalancing to fix format issues instead of bans
In non-Commander formats where Lutri, the Spellchaser is legal, it's simply not anywhere near strong enough to make it worth greatly reducing the consistency of your deck
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There are only a half dozen cards at this mana value or less that let you discard as much as you want for free: Heir of Falkenrath, Olivia's Dragoon, Oona's Prowler, Patrol Hound, Putrid Imp, Seasoned Hallowblade, Stromkirk Condemned, Tireless Tribe, and Trained Pronghorn