NHF – new heroes for Heroes V 3.1.

Yes, but the respawn happens earlier, which gives it an advantage. The hero will be ready for battle before the next turn even begins, and this could be one of its unique features.

How is it best to choose the location? How do you create it on the map without duplication?
Also, a hero that was not very useful at the time becomes viable. It's not a given that you'll lose, and if you do, you get one free "get out of jail free" card.
It's much more effective to have the respawn point in the tavern, because then the hero can be used against neutral creatures, and he will be more useful in the game.

In my opinion, a hero with a redesigned Guardian Angel is much better: Restores the strongest unit after defeat or retreat (upon the hero's reappearance). And specifically in the Tavern, so that you have to spend resources on heroes when killing neutral creatures and enemy heroes, to avoid using a constant free hit-and-run tactic.