Nope. Sacrificing a photon for 10 less damage is not hard at all when combined with fractal/mitosis, or cells.
But the fact is the maximum damage that can be blocked is 10, equal to attack of about one dragon, and the rest will still be dealt to you. Compare it with Hope, which could block almost every damage (the notorious 23 damage reduction )
Compare with bonewall, theoretically you could block over a 100 damage without any bad consequences to yourself
And this card is very susceptible to CC and PC.
Example, you have a photon and a fat vulture on field during opponent's turn. Opponent kills your photon and when he attacks you, the Tragic Bond will automatically sacrifice your fat vulture. It's not easy to get a fat vulture