The MTDH gene clearly has
some utility in the human body. We know that because natural human knockouts are under-represented in the population. The Gnomad project has sequenced very many people's DNA, and they have been able to work out a formula for how many loss-of-function mutations they would expect to see in a gene (which mainly depends on the size of the gene). For the MTDH gene [0] they would expect to see on average 30.5 LoF mutations, but they only actually see 7. This is reasonably strong evidence that knockouts of this gene are selected against - that is, having two working copies of this gene conveys some advantage of some kind.
Knocking out the gene and gaining protection from cancer is likely a bigger advantage than whatever you lose, especially if you currently have cancer. Also, the proposed drug doesn't knock out the gene - it just prevents the protein from performing one of its interactions. Side effects are likely to take a while to work out, but if they're milder than the side effects of chemotherapy (which isn't hard) then that's a win.
The other thing I would like to point out is that humans and mice differ. It looks like most of the work they have done so far has been in mice. Knockout of this gene in mice doesn't seem to cause any ill effects. Working out whether the same is true in humans is a long and very careful process.
[0] https://gnomad.broadinstitute.org/gene/ENSG00000147649?datas...