Is Reality Strobe legal in Standard, Modern, and Commander?

Reality Strobe is legal in: Modern, Legacy, Vintage, Commander.

What type of card is Reality Strobe?

Reality Strobe is a Sorcery. Its oracle text reads: "Return target permanent to its owner's hand. Exile Reality Strobe with three time counters on it. Suspend 3—{2}{U} (Rather than cast this card from your hand, you may pay {2}{U} and exile it with three time counters on it. At the beginning of your upkeep, remove a time counter. When the last is removed, you may cast it without paying its mana cost.)"

Reality Strobe

Sorcery

Return target permanent to its owner's hand. Exile Reality Strobe with three time counters on it.

Suspend 3— (Rather than cast this card from your hand, you may pay and exile it with three time counters on it. At the beginning of your upkeep, remove a time counter. When the last is removed, you may cast it without paying its mana cost.)