This card can be useful combined with "Black Luster Soldier - Envoy of the Beginning". Use the effect of "Black Luster Soldier" to banish an opponent's monster, then return it to the hand with this card, then Special Summon the returned "Black Luster Soldier" to either banish a monster AND attack twice, or banish two monsters.
"Call of the Haunted" isn't destroyed if the Special Summoned leaves the field without being destroyed (for example, if it's Tributed or used as an Xyz Material), so this card's effect can be used to return your useless "Call of the Haunted" from your side of the field to the hand and re-use it.
During the moment your opponent Summons a monster, return it back to the hand, ruining their strategies. This works especially well right before your opponent performs a Synchro Summon, Xyz Summon, or Contact Fusion, since without a core piece of their combination, their attack will completely fall apart, leaving them with one (or more) defenseless monsters.
Since all "Constellar" monsters have useful effects when Summoned, this card can be used to reuse them.
Activate "Constellar Star Chart", Xyz Summon "Constellar Pleiades", drawing a card. Use the effect of "Pleiades" to return "Star Chart" to the hand, then activate again. Xyz Summon "Constellar Ptolemy M7" using "Pleiades" as the Material, and then draw another card.
Your opponent can still "drop", "Effect Veiler" at the end of your Main Phase 1, but even this is advantageous for yourself - your opponent will just have wasted a card, and there will be no lost for anything in return.
If this card is about to be destroyed or especially banished, use this card's effect to return itself to the Extra Deck, where it may be more advantageous to your strategy. However, if there is an "Xyz Reborn" or "Constellar Star Cradle" ready, it might be better to let this card get destroyed.
This card's effect combines well with "Degenerate Circuit" on the field when used on an opponent's monster, Spell or Trap to cause the returned card to be banished instead of being returned to the hand. When using "Degenerate Circuit" it is wise to combine other cards which protect from the non-optional cost of "Degenerate Circuit", such as "Soul Absorption" and cards like it.