This has more to do with the way the current party members are designed than the binding system itself (I think), but bondage doesn't really feel impactful. Most characters have a great skill that's available regardless of how tied you are, so I rarely feel like I need to struggle (as opposed to just doing damage or using pots). In the case of Sera, Spectral Slash is probably even her best skill.
Also feel like the game would benefit a lot from a 'sell' mechanic, after doing a few runs just to try out different things I noticed my inventory was filling up with like 15 crotch ropes I have no idea what to do with. Not a huge problem right now but could make the inventory unwieldy as the game gets larger.