If all targets are illegal, the ability doesn't resolve
Deliver Unto Evil is going to be backbreaking in a deck with all the Nicol Bolas planeswalkers
While there are other powerful cards like Reinforcement of the Army or The Phantom Knights' Rank-Up-Magic Launch, which can provide broader utility, Ties That Bind can still see play in a dedicated archetype deck where its synergy with Shining Sarcophagus is maximized, making it a niche but potentially effective choice
In most of these situations, having a big creature such as Dream Trawler or a planeswalker like Liliana, Dreadhorde General would be better, but you must consider that playing these cards has a cost theyre expensive and sometimes the game effectively ends without you ever casting them
If it is destroyed, it also floats into any Light Dragon monster that is already in your graveyard