It'll be interesting if it is actually a thing here, since removing 5 specific cards is actually pretty significant deck-thinning, and unlike a card like Needlebug Nest, it's both a Spell, and not prone to ditching necessary combo pieces.
Yes, but it also means your deck needs to include 5 Spell/Trap cards you're not gonna use (since they're gonna be banished and retrieving them depends on your opponent's action) in addition to this card.