
TL:DR. A main weapon for characters that have high as well as high .
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The Mauser C96 has extra ammo compared to other weapons but suffers the unique drawback of exhausting to fire and unexhausting conditionally. In the hands of a fighter type character (for example Tony Morgan or Leo Anderson) If this gun exhausts on you and you're not geared to finish the fight without it, well that sucks then.
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The point to Mauser C96 is to score that "beat by 2", when the gun exhausts on you you use a different ability to disable or delay the threat, generally this means using to evade, this makes Mauser C96 the pistol of choice for "Skids" O'Toole and Finn Edwards, Winifred Habbamock and possibly Jenny Barnes. For these characters a Mauser C96 can be their main or only weapon. Tony Morgan can make good use of it but it cannot be his only way to fight since an untimely exhausted Mauser C96 leaves him completely dead in the water, he definitely needs other weapons and/or combat events.
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Mauser C96 is a key card in making "beat by 2" a viable and interesting archtype right from the start. Other "beat by 2"'s are natural co-includes (Lucky Cigarette Case, Quick Thinking) and finally there is a static reason to awaken this sleeper card which has only been waiting for a reason to become usable.
If you do the math then Mauser C96 is obviously "better" than comparable one-handed weapons, perhaps even the Enchanted Blade, but its downside relegates it to a niche that's actually pretty cool.
When you start upgrading then Delilah O'Rourke is a natural combo that both strengthens Mauser and mitigates its weaknesses.