This angel is not nearly as good as Rekindling Phoenix, but it is priced well for what it is. The Afterlife ability is really strong, and here it creates two spirit tokens, which can become a game changer at certain points.
It's a decent attacker and blocker for both Standard and Modern angel tribal decks that already play Shalai and the rest of the crew. However, it could probably just be a rare instead of mythic, which would put it in the range of $5.
As of now, it stands at the price of $7.21, which is probably the right price for it until the market decides to see it for what it really is: a $5 rare angel.