Arena of the Ancients does shut down legendary creatures, but the effect is symmetrical, so unless you specifically craft a deck that avoids them, it's going to impact you too
Another important point why Atraxa is "only" rated as a high power commander, is because in her commander identity you have already the top partner pairing of TnT = Thrasios, Triton Hero + Tymna the Weaver
You're probably noticing a certain green theme of taking any given number and multiplying it by two
So when your summon's time is up and it goes to the graveyard, it's going to trigger Yuna, and she'll pop three or four +1/+1 counters onto another creature, powering it up
The downside is that we can get wrecked by the targeted creature going away before resolution, countering the spell
That is, until your competitor drops a ruthless and unexpected card to take an extra turn that leads to a game-winning play