I think this card needed uncounterability to be interesting.
If you are using the card proactively (with Balance or Dreadnought, e.g.), the possibility of getting blown out by a counterspell (and especially Flusterstorm, thanks to the card's high mana cost and the fact that storm count will be at least 2) gives me significant pause.
If you are using the card reactively, are you sure you wouldn't be happier with another counterspell instead? The only situation where Teferi's Protection seems clearly better is against a storm Tendrils kill. In most situations you are just postponing the inevitable for a turn, unlike Orim's Chant et al, which do actually hinder your opponent from developing their strategy.