It's very much a great when you're ahead and subpar when behind kind of card. If anything, I tend to favor tide-turning cards over cards that reward already being ahead.
You seem to be disregarding the monarch card draw effect. You get that right away, so all you need to do is play it when it's tough for your opponent to take it back immediately and you will be in great shape.
You should give Palace Jailer at least a try, that card is amazing if it's the only monarch card in the cube.