It's interesting to see how my perspective on this card has changed through the years.
Four years ago, when this game is new, I consider this card's main ability to be 'You may play the topmost event in your discard pile as if it were in your hand'. So your game style is to play some events at the first half of the game and get to reuse them later. And the forced ability below is the annoying but necessary limitation to stop you reuse your best events unlimitedly. Once this card enters play, you can't reuse your events in play anymore, but you can still commit them or discard them as cost before using them. As you can see from the old reviews, you generally want to play Wendy's Amulet only after you have played a couple of very powerful event cards, and then play them off the top of your discard pile.
Also, abandoned and alone was considered to be a very terrible weakness. If you draw it at the wrong time, your amulet seems to be totally useless.
Now, with so many new cards added, it comes to me that the amulet's strongest power lies in the forced ability. It allows you to adjust your deck as you wish, to create a crazy, thin deck that allows you to do anything, consistently, predictably. Players get so many new ways to generate money and card draws. Wendy don't play strong events before amulet enters play and reuse them later anymore. She just play those events after the amulet is out, put it on the bottom of the deck, and re-draw them very soon with DT, take heart, unrelenting, and other powerful engine cards. You always get 4 clues with one action. You always deal 3 damage with one action. You always fly to any enemy-free location with no action. You never draw chaos tokens. Why bother playing events from your discard pile if you can draw those strongest ones whenever you want?
Meanwhile, abandoned and alone is kinda harmless now. It still hits you 2 sanity and removes your discard pile, but that's almost a once per game weakness now. Wendy is the only investigator being able to draw a lot of cards every round but don't draw weakness repeatedly. When you are playing well, your discard deck only consists of cards not that important to you. All your important tricks should be circulating between your hand and your deck safely.
The amulet is too strong that makes playing Wendy a little awkward now. If you decide to build around it, it feels like abusing bugs and breaking the game. If you don't build around the amulet, then the abandoned and alone will make it difficult to play as other survivors, as drawing it multiple times is still unacceptable.
TL;DR: The forced ability is far more important now. Fill your deck with efficient OP events ONLY and you'll be the queen of the Arkham.