2024 Abjuration Wizard Lvl 10 Feature Spell Breaker

Basically, this feature guarantees that you can dispell any magical effect since if you fail you don't lose the spell slot.  10 tries a minute, 600 tries an hour...sooner than later you're going to roll a nat 20 and succeed.  So if you arent pressed for time you can dispell any magical ward ever lol no magical vault is impervious, no magical trap immune to disarm....etc

Am I missing any key details here?

no, not really, you have not missed anything
PS, its actually 20 tries per minute cuz bonus action dispel magic