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Draft only. Can you believe this actually used to be a Constructed-worthy card? It was a Top 8-worthy finisher in control decks back in 1997.
While part of a bunch of janky Modern and Legacy combos, I don't think Arcane Adaptation doesn't offer much in Standard at the moment. If you try to do something like name Merfolk to power up your Deeproot Waters, your profit comes from each creature you cast after that wasn't already a Merfolk. However, what about the games where you draw the Deeproot Waters without Arcane Adaptation (let alone the other way around)?
Really, what we want to be doing is finding a way to exploit the type-hacking to create some loop (like the aforementioned Modern or Legacy decks, such as alongside Xathrid Necromancer and Blasting Station).
Cancel is often maligned, but it's really not too bad a card. Obviously, Disallow is strictly and meaningfully better, but plenty of decks have been in the market for five or more three-mana Counterspells. Maybe we're in the market for Supreme Will or something, but if we do want a hard counter, Cancel is the next-best one (the alternative is Disappearing Act).