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Whether you use it or not for PvE is entirely up to you. If you get hit a lot, it certainly doesn't hurt.
So PvP wise I wouldn't recommend it, there are far more useful rings out there. PvE wise? Might be useful over a long stretch but still, there are other rings that do a better job of that.
Overall, it's up to you, but personally I'd stay as far away from that ring as you can get.