Honestly, I have tried to use the squid. It is a fun card. It comes with many concessions, however. One counter and it is gone. If you have to choose between quinted oty/demon and this what do you pick? Probably oty. The squid is only good against creatures with high HP that cannot reasonably be killed.
The squid only has one good use: fight enemies with no CC and strong creatures. (For example Gemini who places grav. dragons)
If you're in the mood, you should try this and hope for low CC:
Add 3 or 4 squids to your deck and the same amount of parasites/bloodsuckers. A demon is also good to finish.
Freeze dragons. Bite to bits. If HP drops under attack value, finish off with demon, or just let it die slowly. The cumulative poison can even bring down a gravity dragon with 30 hp no problem.
Now the oty and the demon cost more than the squid, but they are ''better'' and have more HP. (You can always freeze, so there the squid is better, but freezing does not kill.) I am not sure if the stats benefit from a buff. You need at least 4 hp to live through firestorm. 5 to withstand initial oty. Maybe that is too much. I do think the ability cost is way too expensive. I could totally go with a squid that was 0/4 or 0/5 and 2
to freeze though. Nobody needs 1 attack.