That legendary artifact will prevent a damage from each source an opponent controls
That being said, you aren't very likely to want Honden of Cleansing Fire on its own
Electrolyze gets you the cantrip and the Fire effect as well, making it arguably the best version of this effect later, although at the cost of an additional mana to cast
While power creep does exist in MTG, there tend to be cards that stick out throughout the years and help redefine different formats as they do so
There is something so haunting about the art for this card, seeing Kefka from under the water, like we (the viewer) are already drowning in poison and the last thing we see is Kefka laughing at us
However, since it allows you to pick and choose two of them, it can turn into a solid instant to put some pressure on your opponents