I think the main reason why people overlook Bind Wound is due to how often you need to buy bandages if you are not able to summon them. It is a good idea to keep a few stacks for emergencies, like the case mentioned above where you are dying from poison and out of mana. But it can be tough for a lot of races to find merchants that sell bandages nearby, especially if you are evil.
A lot of classes get access to
https://wiki.project1999.com/Embalmers_Skinning_Knife on blue, but not all classes. Embalmer's skinning Knife is why Shadowknights should always train Bind Wound. It is a cheap item, and it is the only way Shadowknight's can heal out of combat, other than regeneration or a Velious Clicky Heal BP.
If you are on Green, you need to know where to buy bandages, or have a magician friend.