The first two modes don't really give it much to compete against Cryptic Command, but the third is another matter entirely. The ability to grab opposing Aether Vials, tokens, the format's most powerful 1-drop creatures, and much more is very powerful, and, unlike Isolate, it comes on a very mainboard-friendly package.
Aww... It's not a pun like Umezawa's. That's too bad.
Well, anyways, this seems great. Unconditional counter at 3 CMC isn't great in Modern, but it's solid and definitely playable. Draw 2 for 3 CMC at Instant speed, however, is pretty sweet, and that last mode is just the icing of the cake that, while situational, could be game-winning. Stealing Death's Shadow definitely sounds fun, but honestly, here's hoping I can steal a Hexdrinker with that 3rd level up activation on the stack and untap.
No choose two, but every mode counts and every mode is almost equal or better than cryptic. (sometimes bounce would be better than being restricted to 1 CMC, obv.) Two cards instant speed as the default fall-back is nothing to sneeze at.
Momir Vig, Simic Visionary
Melek, Izzet Paragon
Oona, Queen of the Fae
Bruna, Light of Alabaster
Gisela, Blade of Goldnight
Rhys the Redeemed
Jarad, Golgari Lich Lord
The Mimeoplasm WUBRGSliver OverlordGRBUW WUBRGSliver Hivelord(Superfriends)GRBUW
I don't think comparing this to Cryptic is correct. Yes, it's a modal counterspell with heavy blue investment, but the difference between CMC3 and CMC4 is massive. It's also going to be cast purely for card draw in a huge number of situations in which Cryptic wouldn't. Honestly, I think that most decks that want either want both, but I wouldn't expect them to compete with each other for slots.
The fact this costs 3 is also kinda cool because it sets up the very reasonable curve of this on t3 (either counter or draw) into t4 cryptic counter/draw into t5 snap this back, and you are now established into the midgame to be able to start deploying teferi/jace