Did a little math with a few sample bags:
Let's say unexpected courage gives you +25% chance to pass a test (going from say +2 above test to +4 on hard difficulty), and Beloved gives you ~1/2 that for a fight or int test with just its icon. The added benefit of beloved's ability is unfortunately pretty low, generally only about 5%, even with 10 blessing tokens in the bag. So Beloved only gives you +17% chance to pass the test vs UE's +25% chance.
Note that going down to 6 or 7 blessing tokens in the bag doesn't make that big of a difference.
The problem is that if you draw a blessing token in this sweet spot of where we tend to take tests when playing, if you draw a bless token without beloved, you're nearing or generally at "all but autofail" territory.
The value goes up a lot if you aren't likely to succeed at the test, but not by that much unless you are taking tests with <50% chance to succeed. If you're taking the test at +0 before you commit skill cards, the value of Beloved's ability goes up to ~10%, still not as good as UE.
I think the card still has a little value but it's niche. It keeps the bless tokens in the bag and it's a little better than UE for head or foot tests. UE doesn't make it into most of my decks these days anyway though it does in Patrice and Silas.