Unlike other creature types in Magic that are each only one word, the two words "Time Lord" represent a single creature subtype
The sometimes free part comes from its convoke cost, letting you tap four creatures (two of which have to be white) to pay for the casting cost
Why proxy it: High power level across multiple formats, significant price, and frequently required in multiples for cube builds
You get an emblem with You have no maximum hand size. The most versatile and possibly best ability Wrenn and Seven has is their minus-three, creating a token creature with Reach that has power and defense equal to the number of lands you control
Getting even five exalted triggers can elevate a creature past what your opponents can handle, so Rammas Echor is a huge benefit to your deck
Cards like Narset, Parter of Veils and Spirit of the Labyrinth can force players into a hellbent situation when paired with a wheel