The synergy with Lonnie Ritter is too good not to be mentioned:
This basically reads: Spend 1 resource: Heal 1 horror and cancel one non- chaos token
Note that you can trigger this effect even if Lonnie Ritter has all her sanity.
If you plan on using your and have access to cards, this combo is too good to ignore.
This is also the best Horror Management engine for low willpower such as Finn, Winifred.
This is especially strong if you play Hard/Expert as the symbol tokens are so punishing there.
Edit 21/04/22: Now that I've used this card in more different ways, I can identify at least 2 other niches for this card:
A (Silas or Yorick) that plays Baseball Bat and Old Hunting Rifle and want to prevent the from hitting the table. Add Nightmare Bauble and/or Eucatastrophe and you'll never see your weapons leave play.
Bless Decks such as Yorick and Tommy (that can also somehow both abuse this card by replaying it infinitely) to simply trigger another Draw Token Step every time you hit a symbol token, hopefully triggering your Ancient Covenant.