The alternative is connive , a creature ability in Esper (white, blue, and black colours) that lets you draw X cards, discard the same number of cards, and then put a +1/+1 counter on the creature for each nonland card discarded this way
The end result is anyone's guess, but the fact that War of the Spark and (presumably) Modern Horizons are going to shake up the Modern meta does explain why we haven't seen any bannings or unbannings recently, even though few people would shed a tear if Tron, Dredge, Faithless Looting, or free spells like Manamorphose left the format
It gets you loads of life gain, and makes one of your legendary creatures indestructible until your next turn
The biggest difference is that hexproof allows the permanent with the ability to be the target of spells by its controller, allowing that player to buff their creature with auras and equipment while shroud doesnt
Being able to get any card you want is essential to combo decks, especially in singleton formats like cEDH
That's the lot