This seems to nicely fill out a defacto common cycle we've been building, where you still get the effect of the card when cycling it. We have a similar type of card in blue for countering, and in red for direct damage. A green and black one would fill out the cycle.

Protection is currently deciduous and seem to be used mainly for more splashy stuff than this e.g. Emrakul, the Promised End.

Could simply grant indestructible instead.

It could, but im more inclined to do that in other colors like black and green. Especially now they've changed regen to insestructible until end of turn. But this is basically Gods Willing minus scry and with cycling.

Alternatively this could just prevent damage as white is known to do.