Presumably this all resolves in order? If opponent has indestructable creature, and you want to protect your own creature, this gives you the ability to play all three modes and achieve that?
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Yes, cards resolve in top to bottom order.
Indestructible isn't an ability, is it?
It's a keyword ability. That's why the creature "gains" it.
But what does an opponent having an indestructible creature have to do with it?
Edit: Oh, huh, I see what you're saying. TIL!
Yes.
I thought this would be too expensive to play at 6 for a destroy wipe, but then I saw it was instant and think that EDH players can probably make use of it.
Idk, this might be busted. Like maybe good in modern in a side board. Modal cards are very useful, removing abilities can really brick combo turns, making your creature indestructible can protect your combo and it always comes with a board wipe for "go wide" decks. The board wipe is too expensive to be good but instant speed board wipes always have potential.
You may be right. I am probably underestimating how good 1W all creatures loose abilities is in Modern and Pioneer.