
I found that the strong point of this card is more on the "Actions performed using Grappling Hook do not provoke attacks of opportunity." rather than to get action compression vs. cost. 2 or even 1 meaningful action inside the hook is not bad if it ignores critical AoO you normally have to take, and can save your friend's action such as Move if you go first. You can always go first as you ignores a lot of AoO with the hook.
The amount of AoO increases the more enemies you have before you Move or Investigate (not Evade), and Engage increase that amount, so the "AoO saves" you get from the hook depends the earlier the order of Engage comes before Move / Investigate in the chain.
The most common play I found that utilizes AoO ignoring is simply when I draw an enemy that hits hard, I want to continue working on clues, and the real fighter is nearby. Just by using move-evade to serve the enemy to the fighter is already good value as the fighter can spend 3 full actions to fight it with no friendly-fire and Retaliate disabled, and I didn't take AoO dragging it. The last one I can choose to investigate or just throw away the action. Saves no action on average, but can't deny the value of ignoring AoO.
Investigation is sometimes useful to not end your chain with Evade. Perhaps you just move to the fighter and engage the enemy away from them to give them a chance to gear up a bit before attacking. You trust the fighter to hit the enemy engaged with you with that new accurate weapon, you can end the chain with investigate instead of evade to get a clue.
A more involved built-in combo is to engage-move-evade to drag an enemy away from a friend and get it exhausted at the other location, or move-engage-evade in the case that you are 1 location away from your friend. In any case you have 1 more action to perform the 2nd Evade to . The plan is normally ruined if you got your own enemy to manage in Mythos Phase too, but the hook guarantees you can do it anyway ignoring like 2-3 AoO in the process. (e.g. If it is engage-move-evade and you have 1 enemy at first before trying to get 1 more, you take 1 AoO to engage, and 2 combined AoO to move.)