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Are they better off

It looks like the lore items got lost or maybe taken in the ink flood that also caused the Floodborn versions of characters

In the right metagame this can do some serious work

Horsea #35 Pokemon Lost Origin Keep track of your collection value over time

It allows you to swing with all your creatures without fear since anything blocked can just be bounced back to your hand, saving them from a combat death and in some cases benefitting you if you return a creature with a good ETB/LTB trigger (Faerie Seer)

It comes with Brave Wing, an attack that deals 60 damage, plus 100 if Charizard got previously injured, and Explosive Vortex, which deals a whopping 330 damage, more than enough to sweep most of the staples of the meta