As a Psyker main, VS seems to bring too little to the table compared to other ultimates. Telekine Shield offers insane utility over long periods of time, and Scrier's gaze offers great, long-lasting buffs for builds that don't use too much peril in other ways. Meanwhile, VS quells 50% peril, decreases peril generation for whooping 5 seconds and applies 6 stacks of Soulblaze (Warp Rupture is a bad joke). Possible use cases for this are:

1. VS prevents you from blowing up, which means you cast something at critical peril. Just ... don't do it? You're not VT Unchained who can be put in this situation by being hit at critical overheat, it's 100% self-inflicted. That being said, Darktide could communicate that the next cast will blow you up more clearly, and I might still blow up once in about every 10 games.
2. AoE stagger allows you to reposition. Sometimes the game just throws too much at you, but usually it means that someone on the team messed up their positioning to begin with.
3. That same stagger probably goes through walls, which lets you get a dog off a teammate in the other room, or free them from a monster. Once again, the need for this usually arises from messed up positioning.
4. Possibly, you can solo a mixed horde with this on a Smite-Purgatus-Wildfire build due to extra Soulblaze stacks. I haven't tested it myself, but 6 stacks alone are not enough to kill even a rager.

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In my opinion, the main problem of VS is that it's a panic button that doesn't do much (compared to Veteran's VoC or Zealot's Relic). Most of it's use cases arise from you or teammates making mistakes, which happens rarely on Damnation and even less in Auric. So you end up with an ult that goes unused for the majority of the mission and does little impact even when you use it. In my opinion, this almost never justifies taking VS over two other ultimates.

A possible change that would make it much better while retaining the identity of VS is replacing stagger with knockdown, which would allow you to get some hits in on enemies as they rise, or revive teammates in a pinch.

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Am I missing something?

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EDIT: After reading lots of great advice in this thread and playtesting it, I happily stand corrected. The interaction with Warp Charges, Perilous Combustion, Wildfire and In Fire Reborn to make a staff focused psyker with essentially 50% more peril all the time who burns down crowds feels fun and powerful. It seems I was still trapped in the mindset of Unchained from VT2 and treated VS mostly as a panic button. Warp Rupture is still a bad joke, though.