It's a good combat trick, but it's still a combat trick. For most limited decks, any removal would be more playable. In constructed, only pump-based aggro decks and creature combo decks would want something like this. Blossoming Defense already exists for half the cost and most of this effect.
If we're just talking defense, I like Tamiyo's Safekeeping since it can protect any permanent for a turn, like a high value planeswalker or enchantment.
Giant Growth isn't that great, I'd usually rather have protection abilities like Indestructible or Hexproof, an aggro ability like Trample, or a [[Fog]] effect. Even if it costs more.
A lot of green combat tricks are more expensive Giant Growths that give you added value, and to my eye this is strictly better than a few of them, one of the most versatile save for [[Gaea's Gift]], and one of the best.
Not every green deck wants combat tricks? But this is a pretty good one. I'll definitely pick up a few.