I really do not like Pawns of Loki. This held true even in the first round, before the power level went Kaio-ken.
I've seen the chess comparison for it, but in chess you're not assigned a random assortment of rooks, knights, and pawns and are forced to construct your side with random picks during each turn, with the promise that maaaaaaybe you can upgrade your starting lineup. You have your set pieces, and it's up to you to strategize a way a to win against your, identically-stocked, opponent each game.
Pawns of Loki does not have that strategy element. It's a slot machine on which units you start with, and which units keep coming back as you waste energy to mulligan, and that can kill potential combos you could be getting. The only thing that isn't completely randomized, essentially, are the human players' enemy brigades, because soon enough people are going to start realizing that stacking their brigades with LChroms, BEdelgards, LDimitris, Legions, and Fallen Corrins is going to completely annihilate your brigades and prevent you from competing with their scores because no way are you getting the combos and stats and skills needed to compete with them at that moment.
This mode needs a severe rebalancing.