Is Utter Insignificance legal in Standard, Modern, and Commander?

Utter Insignificance is legal in: Modern, Legacy, Vintage, Commander, Pauper, Historic.

Utter Insignificance

Q: What type of card is Utter Insignificance?

Utter Insignificance is an Enchantment — Aura. Its oracle text reads: "Flash Enchant creature Enchanted creature loses all abilities and has base power and toughness 1/1. {2}{C}: Exile enchanted creature. *"I used to think my life was meaningless. Now I know for certain."*"