Two damage isnt too bad in Commander, so the benefits definitely outweigh the damage
You might be able to do something using plot to set up spells, then sacrificing this card to unload, but the more likely use case is slotting it into the sideboard for times when it'll be really impactful

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The first time the equipped monster would be destroyed by battle each turn, it is not destroyed
Since its also immune to destruction by card effects, this 4,500-attack point Monster isnt easy to take out