I think I remember in the job quest, it states that it can't be used to move to higher ground. But fights usually take place on level ground anyway, so this shouldn't be an issue, aside from teleporting for the sake of mobility/travel.

I have no problem using this on my PS4 controller on command. It's just a matter of placing it on a spot on the hotbar that you can quickly access without having to think about it (muscle memory). If you have your mouse targeting option turned on, you can use your right analog to control the cursor, and your left analog for moving your character. So I can easily be moving around and still target where I want to teleport without issue.

Having mained a SMN, I'm used to ground targeting.