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Hit-and-run is a tactic that is very popular among the Dark Elves. The main hero attacks with Stalkers, makes them invisible, and then casts powerful Chaos spells for 3 turns without any consequences. After he feels that the Stalkers are about to be defeated, he retreats and replenishes his forces in the tavern. This is done to weaken the enemy's troops before the main battle. Of course, there is a chance of being hit by Shackles, but it's hard to play Heroes without taking risks. This tactic is less popular among mages because they don't have Stalkers, but thanks to the new Golems, you can do a hit-and-run with Armageddon, which is incredibly effective.
Regarding the Holy/Unholy Word spell. You say that the damage is small. In reality, the total damage is quite decent. With a good level of magic, you can deal approximately 500 damage to each stack of the enemy, which totals 3500. In my opinion, this is a pretty good value. Although I agree that it would be much more pleasant to deal such damage to a single stack rather than spreading it across the entire enemy army, but there's nothing we can do about it.
Antimagic won't save you from hit-and-run tactics because you can't cast it on everyone, and it's not always available in the guild. The hit-and-run tactic itself implies about 3 casts.
O God of Earth and Altar, Bow down and hear our cry, Our earthly rulers falter, Our people drift and die, The walls of gold entomb us, The swords of scorn divide, Take not thy thunder from us, Take away our pride.