Looks really bad to me. Two actions, 2 resources AND a non-boosted test on a specific enemy type to lock down a unit. Locking down a unit is essentially killing it, but probably a bit better since it doesn't go into the discard pile to recycle and come back. It has also has a bunch of niche uses like Trish Scarborough or Tommy Malloy that others have mentioned. On the flip side based on the FAQ, there are few, rare situations where the enemy can still hurt you while in play.
Surprisingly in faction I think this card is most similar to Monster Slayer. Both require a Strength test, and some resources to insta-kill an enemy. Handcuff requires an additional resource and action but costs 5 exp less. Unfortunately Monster Slayer (5) is pretty bad and I'm guessing probably never used. I'm thinking it might see more play around 2 exp.
I say this because Fang of Tyr'thrha exists at 4 exp. That essentially kills the enemy at any revealed AND lets you teleport, AND gives you stat boost. Out of faction, survivors have Dumb Luck which also removes an enemy from the board after a skill test with a generous margin and that only costs 2 exp.
If you look at Heroic Rescue vs. Heroic Rescue, for 2 exp you pay 1 less resource and can use it in adjacent locations (which I'll indirectly proxy as 1 action to move). Going from handcuff to a hypothetical 2 exp Monster Slayer, it has the same upgrade value, you would pay 1 less resource and use 1 less action.
Personally I'm not a fan of Handcuffs though, 2 actions to 2 resources to kill something seems way too slow and inefficient. I compare it to Spectral Razor which only takes 1 action, has an easier test, gives you a free engage and will kill most things already. Guardians likely have better ways to deal with enemies and only targeting humanoids (and non-elites) really makes it hard to slot into your deck if youre going in blind.