Typically, having very few cards in your library is a nightmare scenario, so cards like Doomsday or Leveler are trying to enact a harsh penalty that turns out to be a boon
Protection from red isnt nothing either being able to ignore board wipes like Blasphemous Act and Structural Assault is extremely handy, and the ability to hold off a bigger red creature later in the game like Etali, Primal Storm or Inferno Titan can save you from a lot of unwanted damage in certain matchups
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The single mana and artifact for two energy is a good rate, so this knight really needs to be in the right deck, otherwise it gives you tools you don't need
As usual, the higher the rarity of a Wildcard, the harder it is to obtain