It's not an "outdated API". It's still good for what it was always meant for: parsing trusted, application-generated markup and atomically inserting it into the content tree as a replacement for a given element's existing children.

> set a global property somewhere (as a web developer) that disallows[…] `innerHTML`

    Object.defineProperty(Element.prototype, "innerHTML", {
      set: (() => { throw Error("No!") })
    });

(Not that you should actually do this—anyone who has to resort to it in their codebase has deeper problems.)