If you have this in play and cast Jodah, the Unifier or Niv-Mizzet Reborn, this basically doubles your mana for the turn
its likely that your Cube has some other card for 1B that will be upgraded more directly to Infernal Grasp, whereas Fateful Absence adds some depth to the relative dearth of two-mana white removal
And Immovable Rod shuts down a threat on the board
In the context of the card, it appears to be wordplay on the fact that the word "present" can refer to a gift you give to someone (in which case, it's pronounced like "pleasant") or the act of showing something off (in which case, it's pronounced like "prevent"), and the effect appears to be using both meanings at the same time
The life loss is real, but having a 3/2 creature that reanimates something when it enters means you can blink it, reanimate it, or sacrifice and recur it for repeated value