As far as I can tell, “card” only applies to the conjuring part and it enters the field as a permanent. They just kept it synonymous with the Alchemy version where conjured cards can leave the field without disappearing (though functionally, it would not make much difference for this card most of the time)

It’s an Arena card and they left its wording intact, which doesn’t change much of anything.

It’s very similar to creating a token except that it interacts more with other cards than a token; the Clock he creates can go to the graveyard, be returned to your hand with Regrowth and then cast, etc.

Edit: It’s like a combination of tokens and Wishes (get a card from outside the game), and both of those effects have been in the game since 1993.