I think semi limited is ok, but three relinquished is just OP and ridiculous. I have 3, but i choose not to run any type of deck with relinquished. I just think it takes the fun of the game.
Relinquished is outdated garbage, especially in the real TCG. He is very weak to spell/trap/effect without proper support, just flip him face down with card effects and WAM his effect is negated. Or just slap him with a shrink/darkworld shackles + waboku combo, he loses attack and you take no battle damage. There are a ton of combos to stop relinquished lol.
Also you could just send him back to the hand, without his ritual he can't be summoned again. Or you could play eternal rest to destroy all monster with equip cards (i.e. your monster)