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It can do work in High CMC Matters decks like Jodah, Archmage Eternal that can regularly flip a Time Stretch or whatever, but those decks would rather just run another card that can cheat these game-winning haymakers into play, not cast a less impactful burn spell

Putting it third card from the top of your library means almost nothing in a Korvold deck that is drawing so many cards anyway

Yes, Arcane Adaptation is a key card in 16 combo(s) in our combo database, linked from the Combos section of this page

Understanding these categories can help you come up with some pretty flavourful deck-lists and combos

#23 39.95% chance of starting with one in the opener (~40% or 1/2.5) in a 60 card deck

You can regenerate token creatures like any other creature