Yes we can, because whether or not a card is "good" or "bad" is ultimately a subjective value judgment unless you have a specific context for it to be good or bad in. A classic example of this is Lightning Bolt being a good card in draft and constructed but a bad card in Commander, simply because the relative value of "3 damage at instant speed" varies from format to format. And that's before getting into Cube, where the format can be
literally whatever you want.
To bring it back to Sunken Palace, it's
obviously bad in a fast, tempo-focused format, but it has potential in a more old-school attrition-focused format where topdecking is a thing and trading your graveyard for a second copy of the threat you just topdecked is a tempting tool to have smuggled away in your manabase. And that isn't even something that you'd have to warp your card choices too much to achieve - you'd just need something where Train's
boy is a reasonable threat.