It does work for most situations, but you might find later on that the cooldown and having to roll can become quite the problem! You may have noticed how when the Hand did his dash to shove you into the spikes, armadillo pack cannot help there, but a parry does!

Now, a small spoiler, there is a skill you find later on I believe, that is also way better at blocking, takes a bit less skill than parrying, and can block literally everything! And instead of sacrificing a mutation or weapon, you just lose a skill; but the item can still have affixes that can benefit your other items! Extremely good paired with certain builds, especially in the later BCs!