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.
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If you plan on using your and have access to cards, this combo is too good to ignore.
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This is also the best Horror Management engine for low willpower such as Finn, Winifred.
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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:
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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.
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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.