It's pretty good, as it fixes one of the most broken abilities of all time, Phyrexian mana, that traded cheaper spells for life that no one cared about, and despite only being on a small number of cards became a big impact on various formats some of which were banned
The reason the rings are here instead of another card is that it adds to your chroma count even as it is used as removal

Orzhov Legendary Aristocrats | Commander | Abe Sargent Commander (1) 1 Ratadrabik of Urborg Creatures (27) 1 Arvad the Cursed 1 Ayli, the Eternal Pilgrim 1 Ao, the Dawn Sky 1 Athreos, God of Passage 1 Athreos, Shroud-Veiled 1 Bennie Bracks, Zoologist 1 Breena, the Demagogue 1 Burnished Hart 1 Elas il-Kor, Sadistic Pilgrim 1 Esper Sentinel 1 Gisa, Glorious Resurrector 1 God-Eternal Bontu 1 Kokusho, the Evening Star 1 Junji, the Midnight Sky 1 Luminous Broodmoth 1 Mikaeus, the Unhallowed 1 Moira, Urborg Haunt 1 Ravenous Chupacabra 1 Shadowheart, Dark Justicar 1 Shadrix Silverquill 1 Sheoldred, Whispering One 1 Solemn Simulacrum 1 Syr Konrad, the Grim 1 Teshar, Ancestor's Apostle 1 Yosei, the Morning Star 1 Yoshimaru, Ever Faithful 1 Zulaport Cutthroat Planeswalkers (2) 1 Ob Nixilis Reignited 1 Sorin, Grim Nemesis Instants (5) 1 Altar's Reap 1 Deadly Dispute 1 Generous Gift 1 Teferi's Protection 1 Utter End Sorceries (9) 1 Ambition's Cost 1 Ancient Craving 1 Damn 1 Night's Whisper 1 Read the Bones 1 Sign in Blood 1 Urza's Ruinous Blast 1 Vindicate 1 Wrath of God Enchantments (4) 1 Anointed Procession 1 Land Tax 1 Phyrexian Arena 1 Vampiric Rites And there we go

It's easy to change your deck's format in Arena: #1
Do you happen to have any error cards
Easy to build on a budget, Rakdos Menace Tribal focuses on playing low-cost menace creatures and strong support cards to damage race the opponent to victory