The Totem of Undying is not overpowered . . .
They can only be obtained from a Woodland Mansion, which is incredibly rare in itself on the server. They don't stack, and exist in very finite amounts. They also only prevent you from dying instantly, not altogether. They are highly underpowered compared to their rarity, considering we allowed gapples for so long until the recipe was removed in 1.9.
Long story short, they are:
-Hard to get
-Only save you from a final blow, and give a minimal regen
-Easy to beat
-Limited in quantity