Both in CC and FL, it's almost generally a guaranteed kill, not on its own necessarily (it works solo on lower HP targets), but if your team is there and also attacking the target, they're as good as dead. I remember making a thread about it back in Endwalker since back then with a two button combo you could delete any ranged job on your own, which is not the case anymore, but essentially yes, it's an auto win button. Just press it when you know your team can focus the target and they'll die. The only way they may not die is when they have a pocket AST/WHM or even a PLD's cover to save their ass, which may not always be something your team has.
Generally when you get meteodrived, it's essentially "Guess I die lol". Can't guard it, doesn't do what the EN tooltip actually says it does (twice less damage when removing guard)... It does everything.
The problem is that without its power, MNK would just turn into a glorified VPR, and VPR is a one trick pony that's just getting flattened in pvp because either Scales are bad, or either they're broken OP like before last patch. But I'd have a lot less issues with it if it was melee range for starters. 25y is just lunatic.
I do find it has immense value to just mess with FL premades though, for sure. Never gets old.