If Static Prison leaves the battlefield before its first triggered ability resolves, the target permanent won't be exiled
Simple version: When we want to know what replacement effects will apply to something entering the battlefield, pretend that that's already happened (ignoring any replacement effects you haven't applied yet), and look at what would apply to the permanent on the battlefield after it entered
While not all of them are created equally, they provide options and additional play patterns
That said, there are some interesting combos which use this card, so if you want to try any of those non-standard versions of the deck, you could play one of these
On your opponents turn, the follow-up Magnamhut generates might be better to have than Druiswurm or Baldrakes disruption, if you have no follow up plays
Whenever Omnath or another Elemental you control dies, Omnath deals 3 damage to any target