This is most comparable to Murderous Cut, which saw a tiny bit of Vintage play. It's in a slightly better color, and can hit walkers, but not some large dudes.
"Is this a problem when we already play the two restricted delve spells"
There is effectively no limit on how many delve spells you can play that refuel your hand (Dig, Cruise). The answer for "how many" of those effects to play is "as many as possible". Delve spells that don't draw cards or let you play more cards are limited (almost nobody plays a full set of Gurmags), usually to 1-2, maybe 3 if you have a lot of enablers.
So in other words, if you want to play 1-2 copies of this card there isn't much downside from a delving point of view.