If it’s a legal/copyright issue, couldn’t you arrange to ‘rent’ this card for the duration of the game, or for inclusion in your deck from an owner / collector.
It seems ridiculous, as you mentioned, that playing the game is hampered, or not possible, due to the collectible nature of the playing cards.
However there is a gameplay advantage as well. The high price of cards keeps players more stable and invested in their decks. You don't see players constantly running whole new decks, and sometimes people get creative due to financial or card availability constraints.
I was a part of a weekly legacy group that ran with a house rule of 10 proxies allowed. This hit a nice compromise between people being able to play decent decks while still having some kind of stability in the local meta.
Because if you want it covered by your homeowner's or renter's insurance policy, you're going to need a rider on your policy for them, because homeowner's and renter's insurance policies tend to exclude valuable collectibles by default.
My M:tG collection isn't too crazy, but it does include 6 of the Power 9 (which I still play in decks), and my renter's insurance company has sent out an appraiser to verify the inventory so we could have a rider to cover it. They're worth as much as a pretty decent car.
The video games are getting to the point where they're probably next.