The idea behind this feat (the spell it grants and the related ring) is to enable Blades in the Dark style retroactive planning for break-ins, heists etc. Instead of wasting a tonne of time on planning, only for everything to go horribly wrong anyway, you can come up with a basic plan for entry then retroactively remember to buy an item, setup an escape route etc.

As a feat this probably isn't terribly well balanced if taken at early levels, though it can still be balanced by a DM asking for skill checks and/or adding a cost. It is intended mainly to be given to an entire group in a heist-oriented campaign, in order to grant them all the Blades in the Dark style retroactive planning mechanic.

Also, it's worth noting that unlike the ring, this feat has no built in way to upcast the spell; this is intentional as it would definitely be too powerful at early levels. However DM's are encouraged to allow upcasting using multiple charges at later levels (e.g- 3rd, 5th, 7th and 9th levels); to do this on D&D Beyond a player will need to declare the level they want, then cast the correct number of times on their sheet (or mark off one use per spell level in the Features & Traits section).